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>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

<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

<ul>
<li>We review the upcoming results for <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><a href="https://www.smartkarma.com/entities/texwinca-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16983:1" rel="noopener">Texwinca Holdings (321 HK)</a>. We also examine <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>, following its negative profit warning.</li>
<li>We like <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> for its 13% dividend yield and 6x PE. We like <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> for its &gt;30% ROCE and 7.2% dividend yield. </li>
<li>
<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> 's recent <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1107/2025110700682.pdf?utm_campaign=website&amp;utm_medium=email&amp;utm_source=sendgrid.com%20" target="_blank" rel="noopener">profit warning </a>came as a bit of a surprise but was cushioned by guidance that its factories in Vietnam are currently operating at 80-90% utilization. </li>
</ul>


We review the upcoming results for Nameson Holdings (1982 HK)/Texwinca Holdings (321 HK). We also examine Pacific Textiles (1382 HK), following its negative profit warning.
We like Nameson Holdings (1982 HK) for its 13% dividend yield and 6x PE. We like JNBY Design Ltd (3306 HK) for its &gt;30% ROCE and 7.2% dividend yield. 

Pacific Textiles (1382 HK) 's recent profit warning came as a bit of a surprise but was cushioned by guidance that its factories in Vietnam are currently operating at 80-90% utilization. 


HK-Listed Apparel & Footwear Screener November 2025: Top Picks And Result Reviews

<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>
<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> reported FY25 revenue/net profit declines of 0.6%/5.3% YoY, respectively, primarily driven by a margin contraction of approximately 40 basis points.</li>
<li>The company declared a 1.5-cent final dividend (total dividend 11.3 cents/share), maintaining a 75% payout ratio, resulting in a 14% yield on the current share price. </li>
<li>The stock trades at a 5.5x FY26e PE with a 3x EV-EBITDA and a 14% dividend yield, assuming the company can maintain flat earnings for FY26.</li>
</ul>



Nameson Holdings (1982 HK) reported FY25 revenue/net profit declines of 0.6%/5.3% YoY, respectively, primarily driven by a margin contraction of approximately 40 basis points.
The company declared a 1.5-cent final dividend (total dividend 11.3 cents/share), maintaining a 75% payout ratio, resulting in a 14% yield on the current share price. 
The stock trades at a 5.5x FY26e PE with a 3x EV-EBITDA and a 14% dividend yield, assuming the company can maintain flat earnings for FY26.


Nameson Holdings (1982 HK) FY25 Concall And Results: Yield At 14% Following Weak Season

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 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

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

HK-Listed Apparel & Footwear Screener November 2025: Top Picks And Result Reviews

We preview the earnings for Texwinca (321 HK) and Nameson (1982 HK), both trading at ~13% dividend yields, with results to be announced this month....

Sameer Taneja

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

Nameson Holdings (1982 HK) FY25 Concall And Results: Yield At 14% Following Weak Season

We provide updates on the FY25 results for Nameson Holdings (1982 HK). We also summarize the highlights of our post-conference call with the...

Sameer Taneja

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