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 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

<ul>
<li>Tariff confusion has hit stocks, but the names in focus continue to be resilient as they pass on the costs, and the future impact of demand is to be determined. </li>
<li>The investing world is now searching for stocks that are not directly affected by Trump tariffs. <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> is one such stock trading at 7.2x trailing PE.</li>
<li>With a trailing dividend yield of 6.2%, net cash of 27% of market cap, and impressive metrics on growth, this is a stock worth exploring. </li>
</ul>


Tariff confusion has hit stocks, but the names in focus continue to be resilient as they pass on the costs, and the future impact of demand is to be determined. 
The investing world is now searching for stocks that are not directly affected by Trump tariffs. Lever Style (1346 HK) is one such stock trading at 7.2x trailing PE.
With a trailing dividend yield of 6.2%, net cash of 27% of market cap, and impressive metrics on growth, this is a stock worth exploring. 


HK-Listed Apparel & Footwear Screener Aug 2025: Lever Style (1346 HK) Conference Call

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

Hong Kong

Texwinca Holdings Limited, through its subsidiaries, produces, dyes, and sells knitted fabric and yarn.  The Company also distributes and retails casual apparel and accessories, provides repair and maintenance services for motors and generators, trades generators, and provides franchise services.

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Texwinca Holdings (321 HK)

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

HK-Listed Apparel & Footwear Screener Aug 2025: Lever Style (1346 HK) Conference Call

We recently spoke with Lever Style to gain a deeper understanding of their business model, risks, and management. Trading at 7.2x trailing earnings...

Sameer Taneja

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

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