Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

<ul><li>Although the apparel industry struggles in 1H23 due to high interest rates and high Inventory levels, Crystal’s results were largely in line with our forecast with revenue decreased by 18.7% y/y to US$1.0bn and attributable net profit slightly dropped by 2.3% y/y to US$73.6mn.</li><li>All business segments, except for sweater, recorded a y/y decrease in revenue during 1H23.</li><li>However, with the improved production efficiency and strict control in operating expenses, GPM / NPM improved by 0.6ppt / 1.2ppt y/y. </li></ul>

Although the apparel industry struggles in 1H23 due to high interest rates and high Inventory levels, Crystal’s results were largely in line with our forecast with revenue decreased by 18.7% y/y to US$1.0bn and attributable net profit slightly dropped by 2.3% y/y to US$73.6mn.All business segments, except for sweater, recorded a y/y decrease in revenue during 1H23.However, with the improved production efficiency and strict control in operating expenses, GPM / NPM improved by 0.6ppt / 1.2ppt y/y. 

Crystal Int. - Margin Expansion with Sales Rebound in 2H23

Crystal International

Crystal Int. - Margin Expansion with Sales Rebound in 2H23