Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Following the recent Offer for <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>, I flagged <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> in <a href="https://www.smartkarma.com/compose/insight/125112/%20https:/skr.ma/uqE4L" target="_blank" rel="noopener">Pacific Textiles (1382 HK): Material Benefits</a> as a potential M&amp;A play.</li>
<li>Also in this space is <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> which is trading down towards its Covid-affected lows.</li>
<li>Both Pacific Textiles and Texwinca are pursuing a Vietnamese expansion. Texwinca is trading cheaper to Pacific Textiles, is net cash, and has a superior yield.. </li>
</ul>


Following the recent Offer for Weiqiao Textile Co (2698 HK), I flagged Pacific Textiles (1382 HK) in Pacific Textiles (1382 HK): Material Benefits as a potential M&amp;A play.
Also in this space is Texwinca Holdings (321 HK) which is trading down towards its Covid-affected lows.
Both Pacific Textiles and Texwinca are pursuing a Vietnamese expansion. Texwinca is trading cheaper to Pacific Textiles, is net cash, and has a superior yield.. 


Texwinca (321 HK): Even Cheaper Than Pacific Textiles (1382 HK)

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

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>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.</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

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

<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 5-18% dividend yields. </li>
<li>We await the November results of <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" rel="noopener">Pacific Textiles (1382 HK)</a>, which we will soon initiate coverage on.</li>
<li>We note <a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" rel="noopener">that Yue Yuen Industrial Holdings (551 HK)</a> continues with its buybacks, having repurchased 3.2 million shares (0.2% of outstanding shares) since August 28th, 2024. </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 5-18% dividend yields. 
We await the November results of Pacific Textiles (1382 HK), which we will soon initiate coverage on.
We note that Yue Yuen Industrial Holdings (551 HK) continues with its buybacks, having repurchased 3.2 million shares (0.2% of outstanding shares) since August 28th, 2024. 


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

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)

Texwinca (321 HK): Even Cheaper Than Pacific Textiles (1382 HK)

Texwinca is cheap to peers, its historical averages, and boast a solid yield. If deep value, micro-cap stocks are your thing, this is worth picking...

David Blennerhassett

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

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

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

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