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

Yue Yuen Industrial Holdings / Equity Bottom-Up

<ul>
<li>The HK market is moving, and the share prices of high-yield companies are increasing. Despite the average YTD returns of 36%, stocks are trading at 5-16% dividend yields.</li>
<li>We touch upon our initiations <a href="https://www.smartkarma.com/insights/nameson-holdings-1982-hk-17-dividend-yield-can-be-sustained-and-improved-long-term" target="_blank" data-smartkarma-citation="insights:161973" rel="noopener">Nameson Holdings (1982 HK): 17% Dividend Yield Can Be Sustained and Improved Long-Term</a> / <a href="https://www.smartkarma.com/insights/jnby-3306-hk-34-roce-track-record-10-dividend-yield-net-cash-business" target="_blank" data-smartkarma-citation="insights:162204" rel="noopener">JNBY (3306 HK): &gt;34% ROCE Track Record/10% Dividend Yield/Net Cash Business</a>. </li>
<li><span>We also highlight newsflow from <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" rel="noopener">Pacific Textiles (1382 HK)</a> on its operational update and <a href="https://www.smartkarma.com/entities/texwinca-holdings-ltd" target="_blank" rel="noopener">Texwinca Holdings' (321 HK)/</a><a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" rel="noopener">Yue Yuen Industrial Holdings' (551 HK)</a> positive profit alert.</span></li>
</ul>


The HK market is moving, and the share prices of high-yield companies are increasing. Despite the average YTD returns of 36%, stocks are trading at 5-16% dividend yields.
We touch upon our initiations Nameson Holdings (1982 HK): 17% Dividend Yield Can Be Sustained and Improved Long-Term / JNBY (3306 HK): &gt;34% ROCE Track Record/10% Dividend Yield/Net Cash Business. 
We also highlight newsflow from Pacific Textiles (1382 HK) on its operational update and Texwinca Holdings' (321 HK)/Yue Yuen Industrial Holdings' (551 HK) positive profit alert.


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

<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</a><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" rel="noopener">—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/nameson-holdings-ltd" target="_blank" rel="noopener">Nameson Holdings (1982 HK)</a>, a knitwear supplier that trades at 4.5x PE, is net cash (considering investments) and has a 17% dividend yield, is one of them. </li>
<li>We find this name attractive, and the yield can be sustainable as it shifts its supply base from China to Vietnam. Hence, we initiate with a detailed write-up. </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.

Nameson Holdings (1982 HK), a knitwear supplier that trades at 4.5x PE, is net cash (considering investments) and has a 17% dividend yield, is one of them. 
We find this name attractive, and the yield can be sustainable as it shifts its supply base from China to Vietnam. Hence, we initiate with a detailed write-up. 


Nameson Holdings (1982 HK): 17% Dividend Yield Can Be Sustained and Improved Long-Term

<ul>
<li>This is a short follow-up on <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> </li>
<li>To make the list more comprehensive, we added <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" rel="noopener">JNBY Design Ltd (3306 HK)</a>, which trades at 8x PE, has a 9% dividend yield, and is net cash.</li>
<li>
<span>We also have updates from <a href="https://www.smartkarma.com/entities/crystal-international-group" target="_blank" rel="noopener">Crystal International's (2232 HK)</a> interim report, which has a very positive future outlook.</span> </li>
</ul>


This is a short follow-up on HK-Listed Apparel &amp; Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield &amp; Rapid Expansion Outside China - Sep 2024 
To make the list more comprehensive, we added JNBY Design Ltd (3306 HK), which trades at 8x PE, has a 9% dividend yield, and is net cash.

We also have updates from Crystal International's (2232 HK) interim report, which has a very positive future outlook. 


High Dividend Yield HK-Listed Apparel & Footwear Screener:  Adding JNBY 3306 HK

<ul>
<li>We compile a list of ten high-yielding/net cash or low-net debt stocks in the apparel/footwear value chain. Just because HK has become a pariah for investors, trailing dividend yields are approaching 6-20%.</li>
<li>We track recent developments of these companies; for given their low valuations any incremental recoveries could spark huge share price returns.</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>, <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a>, and <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> stand out - they have had positive inflections in their earnings/dividend payouts and capital allocation.</li>
</ul>


We compile a list of ten high-yielding/net cash or low-net debt stocks in the apparel/footwear value chain. Just because HK has become a pariah for investors, trailing dividend yields are approaching 6-20%.
We track recent developments of these companies; for given their low valuations any incremental recoveries could spark huge share price returns.

Crystal International (2232 HK), Stella International (1836 HK), and Yue Yuen Industrial Holdings (551 HK) stand out - they have had positive inflections in their earnings/dividend payouts and capital allocation.


HK-Listed Apparel & Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield & Rapid Expansion Outside China - Sep 2024

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weiqiao-textile-co" target="_blank" data-smartkarma-citation="entities:3690:1" rel="noopener">Weiqiao Textile Co (2698 HK)</a>’s IFA opines that Weiqiao Chuangye’s privatisation offer of HK$3.50 per H Share, a 104.7% premium to the undisturbed price, is fair and reasonable. </li>
<li>Despite amassing a blocking stake, Prudence's ongoing buying supports the view that it intends to play the spread rather than block the deal.</li>
<li>Despite the offer being below net cash, this is a done deal. At the last close and for the 28 March payment, the gross/annualised spread is 1.7%/10.2%. </li>
</ul>



Weiqiao Textile Co (2698 HK)’s IFA opines that Weiqiao Chuangye’s privatisation offer of HK$3.50 per H Share, a 104.7% premium to the undisturbed price, is fair and reasonable. 
Despite amassing a blocking stake, Prudence's ongoing buying supports the view that it intends to play the spread rather than block the deal.
Despite the offer being below net cash, this is a done deal. At the last close and for the 28 March payment, the gross/annualised spread is 1.7%/10.2%. 


Weiqiao Textile (2698 HK): Vote on 8 March

Hong Kong

Pacific Textiles Holdings Limited manufactures customized knitted fabrics. The Company's fabrics are used in a broad range of fabrics, including men's, women's, and children's clothing, sportswear, swimwear, and inner-wear.

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Pacific Textiles (1382 HK)

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

Nameson Holdings (1982 HK): 17% Dividend Yield Can Be Sustained and Improved Long-Term

We initiate coverage on Nameson Holdings, a knitwear manufacturing company with Uniqlo as its major customer, trading at 4.5x PE with an 17%...

Sameer Taneja

High Dividend Yield HK-Listed Apparel & Footwear Screener: Adding JNBY 3306 HK

We add JNBY 3306 HK to our high-yield textile, apparel, and footwear HK screener. We also provide updates for the names in this very brief update.

Sameer Taneja

HK-Listed Apparel & Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield & Rapid Expansion Outside China - Sep 2024

We compile a list of ten high-yielding/net cash or low-net debt stocks in HK's apparel/footwear value chain. HK is a pariah for investors, and...

Sameer Taneja

Weiqiao Textile (2698 HK): Vote on 8 March

Prudence's ongoing buying supports the view that it intends to play the spread rather than block the deal. At the last close and for the 28 March...

Arun George

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