SEHK:2232

Stock Analysis Report

Crystal International Group

Executive Summary

Crystal International Group Limited, an investment holding company, manufactures and trades in garments in the Asia Pacific, the United States, Europe, and internationally.


Snowflake Analysis

Flawless balance sheet and good value.

Share Price & News

How has Crystal International Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 2232's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

25.7%

2232

12.5%

HK Luxury

7.4%

HK Market


1 Year Return

-42.8%

2232

-21.7%

HK Luxury

-22.7%

HK Market

Return vs Industry: 2232 underperformed the Hong Kong Luxury industry which returned -19.4% over the past year.

Return vs Market: 2232 underperformed the Hong Kong Market which returned -20.3% over the past year.


Shareholder returns

2232IndustryMarket
7 Day25.7%12.5%7.4%
30 Day-2.1%-13.3%-11.2%
90 Day-26.8%-25.7%-17.3%
1 Year-40.8%-42.8%-19.5%-21.7%-19.9%-22.7%
3 Yearn/a10.1%-2.9%-5.3%-14.8%
5 Yearn/a10.9%-6.7%-8.7%-23.4%

Price Volatility Vs. Market

How volatile is Crystal International Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Crystal International Group undervalued compared to its fair value and its price relative to the market?

8.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 2232 (HK$2.35) is trading below our estimate of fair value (HK$2.57)

Significantly Below Fair Value: 2232 is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 2232 is good value based on its PE Ratio (5.7x) compared to the Luxury industry average (7.3x).

PE vs Market: 2232 is good value based on its PE Ratio (5.7x) compared to the Hong Kong market (9x).


Price to Earnings Growth Ratio

PEG Ratio: 2232 is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: 2232 is overvalued based on its PB Ratio (0.8x) compared to the HK Luxury industry average (0.7x).


Next Steps

Future Growth

How is Crystal International Group forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

7.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2232's forecast earnings growth (7.6% per year) is above the savings rate (1.6%).

Earnings vs Market: 2232's earnings (7.6% per year) are forecast to grow slower than the Hong Kong market (12.8% per year).

High Growth Earnings: 2232's earnings are forecast to grow, but not significantly.

Revenue vs Market: 2232's revenue (4.5% per year) is forecast to grow slower than the Hong Kong market (9.9% per year).

High Growth Revenue: 2232's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2232's Return on Equity is forecast to be low in 3 years time (13%).


Next Steps

Past Performance

How has Crystal International Group performed over the past 5 years?

11.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 2232 has high quality earnings.

Growing Profit Margin: 2232's current net profit margins (6.3%) are higher than last year (6%).


Past Earnings Growth Analysis

Earnings Trend: 2232's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: 2232's earnings growth over the past year (1.8%) is below its 5-year average (11% per year).

Earnings vs Industry: 2232 earnings growth over the past year (1.8%) exceeded the Luxury industry -0.2%.


Return on Equity

High ROE: 2232's Return on Equity (14%) is considered low.


Next Steps

Financial Health

How is Crystal International Group's financial position?


Financial Position Analysis

Short Term Liabilities: 2232's short term assets ($882.5M) exceed its short term liabilities ($677.7M).

Long Term Liabilities: 2232's short term assets ($882.5M) exceed its long term liabilities ($50.4M).


Debt to Equity History and Analysis

Debt Level: 2232's debt to equity ratio (25.5%) is considered satisfactory.

Reducing Debt: 2232's debt to equity ratio has reduced from 67.9% to 25.5% over the past 5 years.

Debt Coverage: 2232's debt is well covered by operating cash flow (82.5%).

Interest Coverage: 2232's interest payments on its debt are well covered by EBIT (11x coverage).


Balance Sheet

Inventory Level: 2232 has a high level of physical assets or inventory.

Debt Coverage by Assets: 2232's debt is covered by short term assets (assets are 3.2x debt).


Next Steps

Dividend

What is Crystal International Group's current dividend yield, its reliability and sustainability?

5.28%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: 2232's dividend (5.28%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.67%).

High Dividend: 2232's dividend (5.28%) is low compared to the top 25% of dividend payers in the Hong Kong market (7.29%).


Stability and Growth of Payments

Stable Dividend: 2232 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 2232 has only been paying a dividend for 2 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30%), 2232's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 2232's dividends in 3 years are forecast to be well covered by earnings (30.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure


CEO

Andrew Lo (53yo)

no data

Tenure

US$1,457,000

Compensation

Mr. Ching Leung Lo, also known as Andrew, has been the Chief Executive Officer of Crystal International Group Limited since 2008 and also has been its Executive Director since March 1, 1994. Mr. Lo is prim ...


CEO Compensation Analysis

Compensation vs Market: Andrew's total compensation ($USD1.46M) is above average for companies of similar size in the Hong Kong market ($USD480.55K).

Compensation vs Earnings: Andrew's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Ching Leung Lo
CEO & Executive Directorno dataUS$1.46m0.28% $19.0m
Choy Yuk Ching Yvonne Lo
Vice Chairmanno dataUS$365.00k40.06% $2.7b
Chi Fai Wong
Executive Director26yrsUS$862.00k0.17% $11.3m
Sing Wah Wong
Executive Director9.17yrsUS$1.26m0.26% $17.6m
Wai Kwan Li
CFO & Company Secretary1.25yrsno datano data
Ching Ho Lo
Senior Vice President of Sales & Operations5.92yrsno datano data
Wing Sing Lo
President of Intimate Division13.83yrsno datano data
Ho Wong
President of Denim Division4.17yrsno datano data

5.0yrs

Average Tenure

54.5yo

Average Age

Experienced Management: 2232's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ching Leung Lo
CEO & Executive Directorno dataUS$1.46m0.28% $19.0m
Choy Yuk Ching Yvonne Lo
Vice Chairmanno dataUS$365.00k40.06% $2.7b
Chi Fai Wong
Executive Director26yrsUS$862.00k0.17% $11.3m
Sing Wah Wong
Executive Director9.17yrsUS$1.26m0.26% $17.6m
Anthony Nigel Clifton Griffiths
Independent Non-Executive Director17.5yrsUS$74.00kno data
Ka Ki Chang
Independent Non-Executive Director12.33yrsUS$52.00kno data
Man Bun Tse
Independent Non-Executive Director15.17yrsUS$50.00kno data
Wing Sum Mak
Independent Non-Executive Director7.67yrsUS$56.00kno data
Lok Fung Lo
Chairmanno dataUS$1.00m40% $2.7b

15.2yrs

Average Tenure

67yo

Average Age

Experienced Board: 2232's board of directors are seasoned and experienced ( 15.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Crystal International Group Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Crystal International Group Limited
  • Ticker: 2232
  • Exchange: SEHK
  • Founded: 1970
  • Industry: Apparel, Accessories and Luxury Goods
  • Sector: Consumer Durables
  • Market Cap: HK$6.704b
  • Shares outstanding: 2.85b
  • Website: https://www.crystalgroup.com

Number of Employees


Location

  • Crystal International Group Limited
  • Crystal Industrial Building
  • 3rd Floor
  • Kwun Tong
  • Kowloon
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
2232SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDNov 2017
2232SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDNov 2017
2232SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDNov 2017

Biography

Crystal International Group Limited, an investment holding company, manufactures and trades in garments in the Asia Pacific, the United States, Europe, and internationally. The company offers lifestyle wear, denim, intimate, sweater, and sportswear and outdoor apparel. It serves various apparel brands. The company was formerly known as Crystal International Limited and changed its name to Crystal International Group Limited in March 2017. Crystal International Group Limited was founded in 1970 and is headquartered in Kwun Tong, Hong Kong. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 13:32
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.