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>
<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> results for H1 FY26 revenue/net profit showed decent YoY growth of 1.6%/12.4%, driven by margin expansion and lower minority interest.</li>
<li>The company declared an 11-cent interim dividend (current share price = 1.13 HKD/share), maintaining a 75% payout ratio, which gives us confidence in a ~12% annual yield post rally.</li>
<li>At 6.7x FY25 PE, despite the recent share price rally, this is a very steady yield play with modest growth opportunities.</li>
</ul>



Nameson Holdings (1982 HK) results for H1 FY26 revenue/net profit showed decent YoY growth of 1.6%/12.4%, driven by margin expansion and lower minority interest.
The company declared an 11-cent interim dividend (current share price = 1.13 HKD/share), maintaining a 75% payout ratio, which gives us confidence in a ~12% annual yield post rally.
At 6.7x FY25 PE, despite the recent share price rally, this is a very steady yield play with modest growth opportunities.


Nameson Holdings (1982 HK) H1 FY26 Concall: Robust Numbers, 12% Dividend Yield Post Result Rally

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Nameson Holdings currently has a very high dividend yield of 12.8% which is one of the highest dividend yields among listed stocks in Asia. </li>
<li>It has attractive valuations. It has valuation multiples of 5.6x (P/E), 0.8x (P/B), and 4.2x (EV/EBITDA) based on FY25 earnings. </li>
<li>Uniqlo is the largest customer of Nameson Holdings. Uniqlo accounted for 60% of Nameson's total sales in FY25 and from FY22 to FY25. </li>
</ul>


Nameson Holdings currently has a very high dividend yield of 12.8% which is one of the highest dividend yields among listed stocks in Asia. 
It has attractive valuations. It has valuation multiples of 5.6x (P/E), 0.8x (P/B), and 4.2x (EV/EBITDA) based on FY25 earnings. 
Uniqlo is the largest customer of Nameson Holdings. Uniqlo accounted for 60% of Nameson's total sales in FY25 and from FY22 to FY25. 


<ul>
<li>With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region. Our textile stocks have rallied slightly in response to this. </li>
<li>Corroborating Vietnam's strength was <a href="https://www.smartkarma.com/insights/dream-international-1126-hk-post-results-call-moving-into-a-great-peak-season" target="_blank" data-smartkarma-citation="insights:200438" rel="noopener">Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season, </a>and now recently <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> 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> </li>
<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> trades at 6x PE trailing with a 13% dividend yield. However, as we enter peak season with busy factories, we believe the situation could improve significantly. </li>
</ul>


With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region. Our textile stocks have rallied slightly in response to this. 
Corroborating Vietnam's strength was Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season, and now recently Nameson Holdings (1982 HK) and Stella International (1836 HK) 

Nameson Holdings (1982 HK) trades at 6x PE trailing with a 13% dividend yield. However, as we enter peak season with busy factories, we believe the situation could improve significantly. 


HK-Listed Apparel & Footwear Screener Sept 2025: On Nameson (1982 HK), Building On The 13% Div Yield

<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>
<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 Holdings is a Knitwear manufacturer in PRC

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Nameson Holdings (1982 HK)