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>
<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> continue to be our preferred picks. </li>
<li>
<a target="_blank" rel="noopener">Stella International (1836 HK)</a> reported a weak result, with profits in FY25/H2FY25 down 19% YoY/26.5% YoY, but dividends remained solid, with the FY25 dividend at 1.45 HKD/share (~10.1% yield).</li>
<li>
<a href="https://www.smartkarma.com/entities/crystal-international-group" target="_blank" data-smartkarma-citation="entities:25979:1" rel="noopener">Crystal International (2232 HK)</a> reported strong results, with revenues/profits up 6% and 12% YoY, respectively. The company upped its dividend to 40.8 cents/share (~6.5% yield). </li>
</ul>



JNBY Design Ltd (3306 HK) and Nameson Holdings (1982 HK) continue to be our preferred picks. 

Stella International (1836 HK) reported a weak result, with profits in FY25/H2FY25 down 19% YoY/26.5% YoY, but dividends remained solid, with the FY25 dividend at 1.45 HKD/share (~10.1% yield).

Crystal International (2232 HK) reported strong results, with revenues/profits up 6% and 12% YoY, respectively. The company upped its dividend to 40.8 cents/share (~6.5% yield). 


HK-Listed Apparel & Footwear Screener March 2026: Stella FY25 Result Update

<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>While <a target="_blank">JNBY Design Ltd (3306 HK)</a> and <a target="_blank">Nameson Holdings (1982 HK) </a>remain our preferred ideas, <a target="_blank">Stella International's (1836 HK)</a> Q4 operational update has improved our conviction in the stock.</li>
<li>Ahead of 19 March results, we anticipate a HK$0.56 special dividend and ~HK$0.50 final dividend, implying FY25 DPS of HK$1.58, or a yield of approximately 10.7% on current pricing levels.</li>
<li>The company reaffirmed its intention to return US$60 million via a mix of share repurchases and special dividends, in addition to ordinary dividends targeting an approximately 70% payout ratio annually.</li>
</ul>


While JNBY Design Ltd (3306 HK) and Nameson Holdings (1982 HK) remain our preferred ideas, Stella International's (1836 HK) Q4 operational update has improved our conviction in the stock.
Ahead of 19 March results, we anticipate a HK$0.56 special dividend and ~HK$0.50 final dividend, implying FY25 DPS of HK$1.58, or a yield of approximately 10.7% on current pricing levels.
The company reaffirmed its intention to return US$60 million via a mix of share repurchases and special dividends, in addition to ordinary dividends targeting an approximately 70% payout ratio annually.


HK-Listed Apparel & Footwear Screener Jan 2026: Stella (1836 HK) Telegraphing A Better FY26 Outlook

Hong Kong

Nameson is a leading knitwear manufacturer offering one-stop solutions including design origination, raw material procurement, sample product development, quality production, and timely delivery. The company's knitwear products include sweaters, pullovers, cardigans, vests, accessories, women's wear, men's wear, children's wear, and knitted uppers for footwear, and it also extends into cashmere yarn and fabrics. Nameson was founded in 1990 and is headquartered in Tai Po, Hong Kong.

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Nameson (1982 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 March 2026: Stella FY25 Result Update

We go into detail on Stella International's 1836 HK results for FY25 and our thoughts on the sustainability of the ~10.1% divident yield.

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 Jan 2026: Stella (1836 HK) Telegraphing A Better FY26 Outlook

Stella International (1836 HK) is in focus following its Q4 FY25 update, which reaffirmed its capital allocation plans and supports the...

Sameer Taneja

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