Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>There has been a slight correction in the universe due to an expectation of  weaker results owing to cost push, with the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0522/2026052200502.pdf" target="_blank" rel="noopener">latest victim</a> being <a href="https://www.smartkarma.com/entities/eagle-nice-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6786:1" rel="noopener">Eagle Nice (2368 HK)</a> .</li>
<li>
<a href="https://www.smartkarma.com/entities/texwinca-holdings-limited" target="_blank" data-smartkarma-citation="entities:16983:1" rel="noopener">Texwinca (321 HK)</a> and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson (1982 HK)</a> are also due to report their results in June. We will cover the results details as and when they are released</li>
<li>Our apparel universe trades at an 8.6% yield, and our favorite stocks are <a href="https://www.smartkarma.com/entities/jnby-design-limited" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design (3306 HK)</a> and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson (1982 HK)</a>, with <a href="https://www.smartkarma.com/entities/fountain-set-holdings-limited" target="_blank" data-smartkarma-citation="entities:11520:1" rel="noopener">Fountain Set Hldgs (420 HK)</a> a value net-net. </li>
</ul>


There has been a slight correction in the universe due to an expectation of  weaker results owing to cost push, with the latest victim being Eagle Nice (2368 HK) .

Texwinca (321 HK) and Nameson (1982 HK) are also due to report their results in June. We will cover the results details as and when they are released
Our apparel universe trades at an 8.6% yield, and our favorite stocks are JNBY Design (3306 HK) and Nameson (1982 HK), with Fountain Set Hldgs (420 HK) a value net-net. 


HK-Listed Apparel & Footwear Screener May 2026: 12 Stock Universe With Average ~8.6% Yield

<ul>
<li>Top-Yielding stocks are <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> at 12% and <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a>  at 9.4%, with six other names between 7% and 9%.</li>
<li>Deep value in <a href="https://www.smartkarma.com/entities/fountain-set-hldgs" target="_blank" data-smartkarma-citation="entities:11520:1" rel="noopener">Fountain Set Hldgs (420 HK)</a>, which trades at a 59% discount to NCAV ( Net Current Asset Value) and a 8% dividend yield (paid to wait). </li>
<li>Insider buying is active in <a target="_blank">Texwinca Holdings (321 HK)</a>, worth exploring trades at a 7.8% dividend yield with &gt;67% of market cap in cash. </li>
</ul>


Top-Yielding stocks are Nameson Holdings (1982 HK) at 12% and Stella International (1836 HK)  at 9.4%, with six other names between 7% and 9%.
Deep value in Fountain Set Hldgs (420 HK), which trades at a 59% discount to NCAV ( Net Current Asset Value) and a 8% dividend yield (paid to wait). 
Insider buying is active in Texwinca Holdings (321 HK), worth exploring trades at a 7.8% dividend yield with &gt;67% of market cap in cash. 


HK-Listed Apparel & Footwear Screener April 2026: 12 Stock Universe With Average ~8% Yield

<ul>
<li>While <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a> and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> remain our preferred ideas, <a href="https://www.smartkarma.com/entities/lever-style-corporation" target="_blank" data-smartkarma-citation="entities:35760:1" rel="noopener">Lever Style (1346 HK)</a> delivered <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0212/2026021200299.pdf" target="_blank" rel="noopener">encouraging results</a>, establishing a steady trend despite a challenging environment. </li>
<li>Though revenue/profits were down 10%/7%, the company significantly increased its cash pile (~42 mn USD) and maintained a steady dividend of 10 cents, implying a payout ratio of 50%. </li>
<li>The company trades at a 7.2x PE ratio, a 7% dividend yield, and around 35% of its market capitalization in cash. Concerns do remain around customer retention. </li>
</ul>


While JNBY Design Ltd (3306 HK) and Nameson Holdings (1982 HK) remain our preferred ideas, Lever Style (1346 HK) delivered encouraging results, establishing a steady trend despite a challenging environment. 
Though revenue/profits were down 10%/7%, the company significantly increased its cash pile (~42 mn USD) and maintained a steady dividend of 10 cents, implying a payout ratio of 50%. 
The company trades at a 7.2x PE ratio, a 7% dividend yield, and around 35% of its market capitalization in cash. Concerns do remain around customer retention. 


HK-Listed Apparel & Footwear Screener Feb 2026: Lever Style Results And Business Outlook Encouraging

<ul>
<li>We continue to have <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a> as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. </li>
<li>For high dividends, we have written extensively on <a target="_blank" rel="noopener">Nameson Holdings (1982 HK)</a>, currently trading at a 12% yield, and are exploring <a target="_blank" rel="noopener">Texwinca Holdings (321 HK) </a>(at ~10% yield).</li>
<li>Finally, for those interested in net-net situations, we have <a href="https://www.smartkarma.com/entities/fountain-set-hldgs" target="_blank" data-smartkarma-citation="entities:11520:1" rel="noopener">Fountain Set Hldgs (420 HK)</a> trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. </li>
</ul>


We continue to have JNBY Design Ltd (3306 HK) as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. 
For high dividends, we have written extensively on Nameson Holdings (1982 HK), currently trading at a 12% yield, and are exploring Texwinca Holdings (321 HK) (at ~10% yield).
Finally, for those interested in net-net situations, we have Fountain Set Hldgs (420 HK) trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. 


HK-Listed Apparel & Footwear Screener December 2025: Top Picks For FY26

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.</li>
<li>Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.</li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> , <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> ,<a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" data-smartkarma-citation="entities:12281:1" rel="noopener">Yue Yuen Industrial Holdings (551 HK)</a> , and <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will benefit from the tariff relief.
</li>
</ul>


President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.
Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.

Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.



How Rare Earth Elements Helped China's Textile Companies

China

JNBY Design is a fashion and lifestyle group that designs, markets, retails, and sells fashion apparel, accessory products, and household goods. The company offers contemporary apparel, footwear, and accessories for women, men, and children, along with household products under brands like JNBY, CROQUIS, jnby by JNBY, LESS, POMME DE TERRE, and JNBYHOME. It was founded in 1994 and is headquartered in Hangzhou, the People's Republic of China.

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JNBY Design (3306 HK)

HK-Listed Apparel & Footwear Screener May 2026: 12 Stock Universe With Average ~8.6% Yield

Our textile screener universe is a high-yield value hunting ground. The average yield of the basket is 8.6%, and the PE is 9.8x, with mostly high...

Sameer Taneja

HK-Listed Apparel & Footwear Screener April 2026: 12 Stock Universe With Average ~8% Yield

Our textile screener universe is a high-yield value hunting ground. The average yield of the basket is 8.1%, and the PE is 10.2x, with mostly high...

Sameer Taneja

HK-Listed Apparel & Footwear Screener Feb 2026: Lever Style Results And Business Outlook Encouraging

We highlight Lever Style (1346 HK), summarizing its FY25: 7% dividend yield, 35% of market cap in cash, and >20% ROE; another great pick in our...

Sameer Taneja

HK-Listed Apparel & Footwear Screener December 2025: Top Picks For FY26

As we move into 2026, we summarize our top picks for the sector with a brief rationale. The industry has an average dividend yield of 8.1%

Sameer Taneja

How Rare Earth Elements Helped China's Textile Companies

President Trump will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's...

David Mudd

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