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>Thanks to the recovery in consumer demand led to strong orders from its brand customers, Crystal Int’l’s 2022 results were largely in line with our forecast with revenue of US$2.49bn (+6.4%) and NP of US$172.7mn (+5.9%).</li><li>Revenue growth in the sportswear and outdoor apparel category was the most significant, thanks to the ongoing support from its major sportswear brand customers.</li><li>A final dividend of 11.8 HK cents was declared, combined with the interim payout, full-yr dividend stood at 16.8 HK cents, translating into a payout ratio of 35% (2021: 31%).</li></ul>

Thanks to the recovery in consumer demand led to strong orders from its brand customers, Crystal Int’l’s 2022 results were largely in line with our forecast with revenue of US$2.49bn (+6.4%) and NP of US$172.7mn (+5.9%).Revenue growth in the sportswear and outdoor apparel category was the most significant, thanks to the ongoing support from its major sportswear brand customers.A final dividend of 11.8 HK cents was declared, combined with the interim payout, full-yr dividend stood at 16.8 HK cents, translating into a payout ratio of 35% (2021: 31%).

Crystal International (2232 HK) - 2022 Results In-Line with Attractive Yield