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>The August 1st deadline is approaching, and it seems a bit unclear whether a deal with Vietnam has been reached on a 20% tariff or something lower. </li>
<li>With no formal agreement and just Trump's Truth Social account as a reference, uncertainty looms. For HK-listed companies, the understanding is that they will pass on tariffs to their customers. </li>
<li>We summarize this in our call with <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> following the results. We also provide updates for <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a> and other names. </li>
</ul>


The August 1st deadline is approaching, and it seems a bit unclear whether a deal with Vietnam has been reached on a 20% tariff or something lower. 
With no formal agreement and just Trump's Truth Social account as a reference, uncertainty looms. For HK-listed companies, the understanding is that they will pass on tariffs to their customers. 
We summarize this in our call with Nameson Holdings (1982 HK) following the results. We also provide updates for Pacific Textiles (1382 HK) and other names. 


HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches

<ul>
<li>We reviewed <a href="https://www.smartkarma.com/entities/lever-style-corporation" target="_blank" data-smartkarma-citation="entities:35760:1" rel="noopener">Lever Style's (1346 HK)</a>  <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0115/2025011501101.pdf" target="_blank" rel="noopener">positive profit alert</a> and project a final dividend of 7-7.5 cents, an increase from 3 cents per share in H1 FY24.</li>
<li>The overall dividend of 10-10.5 cents indicates a yield over 9%, with positive remarks on new customer additions and increased penetration within the existing customer base.</li>
<li>Our top sector picks include <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/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a>, with a favorable mention of <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>  due to its attractive dividend yield.</li>
</ul>


We reviewed Lever Style's (1346 HK)  positive profit alert and project a final dividend of 7-7.5 cents, an increase from 3 cents per share in H1 FY24.
The overall dividend of 10-10.5 cents indicates a yield over 9%, with positive remarks on new customer additions and increased penetration within the existing customer base.
Our top sector picks include JNBY Design Ltd (3306 HK) and Pacific Textiles (1382 HK), with a favorable mention of Nameson Holdings (1982 HK)  due to its attractive dividend yield.


HK-Listed Apparel & Footwear Screener: Parsing Lever Styles (1346 HK) Profit Alert

<ul>
<li>The HK market is moving, and the share prices of high-yield companies are increasing. Despite the average YTD returns of 38%, stocks are trading at 5-15% dividend yields.</li>
<li>We update investors with results from <a href="https://www.smartkarma.com/insights/nameson-holdings-1982-hk-h1-fy25-16-17-dividend-yield-intact" target="_blank" data-smartkarma-citation="insights:166757" rel="noopener">Nameson Holdings (1982 HK) H1 FY25: 16-17% Dividend Yield Intact</a> and <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a>, which guided down earnings due to interruptions in Vietnam.</li>
<li>We also flag <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> results, buybacks, and some updates from our conference call with <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> management. </li>
</ul>


The HK market is moving, and the share prices of high-yield companies are increasing. Despite the average YTD returns of 38%, stocks are trading at 5-15% dividend yields.
We update investors with results from Nameson Holdings (1982 HK) H1 FY25: 16-17% Dividend Yield Intact and Pacific Textiles (1382 HK), which guided down earnings due to interruptions in Vietnam.
We also flag Yue Yuen Industrial Holdings (551 HK) results, buybacks, and some updates from our conference call with Nameson Holdings (1982 HK) management. 


HK-Listed Apparel & Footwear Screener:  Attractive Yield & Rapid Expansion Outside China - Dec 2024

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

<ul>
<li>
<a href="https://www.smartkarma.com/insights/hk-listed-apparel-footwear-screener-right-stocks-listed-in-the-wrong-market-attractive-yield-rapid-expansion-outside-china-sep-2024" target="_blank" data-smartkarma-citation="insights:158210" rel="noopener">HK-Listed Apparel &amp; Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield &amp; Rapid Expansion Outside China - Sep 2024</a>  helped us screen out great names.</li>
<li>
<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>, an apparel retailer trading at 9.2x FY24 with a ~10% yield and a long-term track record of &gt;34% 10 Yr-average ROCEs, is one such name. </li>
<li>Even with modest single-digit growth guidance, we see a growing yield and a great cash buffer (20% of the market cap), and dividends are sustainable. </li>
</ul>



HK-Listed Apparel &amp; Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield &amp; Rapid Expansion Outside China - Sep 2024  helped us screen out great names.

JNBY Design Ltd (3306 HK), an apparel retailer trading at 9.2x FY24 with a ~10% yield and a long-term track record of &gt;34% 10 Yr-average ROCEs, is one such name. 
Even with modest single-digit growth guidance, we see a growing yield and a great cash buffer (20% of the market cap), and dividends are sustainable. 


JNBY (3306 HK): >34% ROCE Track Record/10% Dividend Yield/Net Cash Business

Hong Kong

Nameson Holdings is a Knitwear manufacturer in PRC

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Nameson Holdings (1982 HK)

HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches

Textile Sector Note: Approaching Aug 1 tariff deadline to drive volatility. We see tactical opportunities and risks across our 12-stock coverage...

Sameer Taneja

HK-Listed Apparel & Footwear Screener: Parsing Lever Styles (1346 HK) Profit Alert

We present a list of ten high-yielding, net cash or low-net debt stocks within Hong Kong's apparel and footwear value chain. Despite the recent...

Sameer Taneja

HK-Listed Apparel & Footwear Screener: Attractive Yield & Rapid Expansion Outside China - Dec 2024

We compile a list of ten high-yielding/net cash or low-net debt stocks in HK's apparel/footwear value chain. Despite the recent rally in HK,...

Sameer Taneja

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

JNBY (3306 HK): >34% ROCE Track Record/10% Dividend Yield/Net Cash Business

Insight highlights HK-listed apparel and footwear stocks with attractive yields and expansion outside China. JNBY Design Ltd (3306 HK) stands out...

Sameer Taneja

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