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>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>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

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Vietnam now accounts for more than 50% of production replacing China</li>
<li>China production is less than 25% of overall capacity in 2023</li>
<li>Reshoring and production of higher end "Athleisure" shoes is increasing margins for Stella International (1836 HK) </li>
</ul>


Vietnam now accounts for more than 50% of production replacing China
China production is less than 25% of overall capacity in 2023
Reshoring and production of higher end "Athleisure" shoes is increasing margins for Stella International (1836 HK) 


Stella International: A Beneficiary of Reshoring

<ul>
<li>We met with <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>, <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>, 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> in HK. Positive developments in the businesses make them all names to explore.</li>
<li>With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region, which is a positive read-through 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> </li>
<li>The retail environment, though, is mixed with <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>, seeing good sales momentum, while <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> remains flattish. </li>
</ul>


We met with JNBY Design Ltd (3306 HK), Lever Style (1346 HK), and Nameson Holdings (1982 HK) in HK. Positive developments in the businesses make them all names to explore.
With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region, which is a positive read-through for Nameson Holdings (1982 HK) 
The retail environment, though, is mixed with JNBY Design Ltd (3306 HK), seeing good sales momentum, while Lever Style (1346 HK) remains flattish. 


HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

<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

Hong Kong

Stella International Holdings Limited develops and manufactures footwear products for casual and fashion footwear companies worldwide.

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Stella International (1836 HK)

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: 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

Stella International: A Beneficiary of Reshoring

Stella's 1H 2024 profit surged by 54% as its cash balance doubles. Margins expanded as revenue increased by 7.5%. The Board approved an increase...

David Mudd

HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

Summary of meetings with IR/management of JNBY, Nameson, and Leverstyle in Hong Kong and key investment opportunities in the listed HK textile...

Sameer Taneja

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

Channel checks show Vietnam factory utilization rising after a 50% tariff on India. Chinese firms with Vietnam operations are the primary...

Sameer Taneja

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