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

Asian Dividend Gems: Crystal International

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