SEHK:458

Stock Analysis Report

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Executive Summary

Tristate Holdings Limited, an investment holding company, designs, manufactures, and trades in garments in the People's Republic of China, Canada, the United States, and the United Kingdom.


Snowflake Analysis

Flawless balance sheet and fair value.

Share Price & News

How has Tristate Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 458 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

458

-1.9%

HK Luxury

-3.1%

HK Market


1 Year Return

-11.4%

458

-1.6%

HK Luxury

-9.9%

HK Market

Return vs Industry: 458 underperformed the Hong Kong Luxury industry which returned -1.6% over the past year.

Return vs Market: 458 underperformed the Hong Kong Market which returned -9.9% over the past year.


Shareholder returns

458IndustryMarket
7 Day0%-1.9%-3.1%
30 Day-0.7%4.0%0.4%
90 Day-15.2%-6.7%-8.0%
1 Year-11.4%-11.4%0.9%-1.6%-6.9%-9.9%
3 Year-16.7%-16.7%21.6%7.4%-3.9%-13.7%
5 Year-51.9%-52.9%14.8%-2.9%-16.1%-29.1%

Price Volatility Vs. Market

How volatile is Tristate Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Tristate Holdings undervalued compared to its fair value and its price relative to the market?

45.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 458 (HK$1.4) is trading below our estimate of fair value (HK$2.55)

Significantly Below Fair Value: 458 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 458 is unprofitable, so we can't compare its PE Ratio to the Luxury industry average.

PE vs Market: 458 is unprofitable, so we can't compare its PE Ratio to the Hong Kong market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 458's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 458 is good value based on its PB Ratio (0.3x) compared to the HK Luxury industry average (0.7x).


Next Steps

Future Growth

How is Tristate Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

21.3%

Forecasted Consumer Durables industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Tristate Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Tristate Holdings performed over the past 5 years?

-42.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 458 is currently unprofitable.

Growing Profit Margin: 458 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: 458 is unprofitable, and losses have increased over the past 5 years at a rate of -42.6% per year.

Accelerating Growth: Unable to compare 458's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: 458 is unprofitable, making it difficult to compare its past year earnings growth to the Luxury industry (3%).


Return on Equity

High ROE: 458 has a negative Return on Equity (-3.25%), as it is currently unprofitable.


Next Steps

Financial Health

How is Tristate Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: 458's short term assets (HK$1.1B) exceed its short term liabilities (HK$624.9M).

Long Term Liabilities: 458's short term assets (HK$1.1B) exceed its long term liabilities (HK$515.2M).


Debt to Equity History and Analysis

Debt Level: 458's debt to equity ratio (5.7%) is considered satisfactory.

Reducing Debt: 458's debt to equity ratio has reduced from 28.6% to 5.7% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable 458 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: 458 is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 3.9% per year.


Next Steps

Dividend

What is Tristate Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate 458's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate 458's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if 458's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 458's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: 458 is not paying a notable dividend for the Hong Kong market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of 458's dividend in 3 years as they are not forecast to pay a notable one for the Hong Kong market.


Next Steps

Management

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

3.7yrs

Average management tenure


CEO

Peter Wang (65yo)

21.33yrs

Tenure

HK$5,687,000

Compensation

Mr. Wang Kin Chung, also known as Peter, BSc, MBA, serves as Managing Director of Hua Thai Manufacturing Public Company Limited. Mr. Wang has been Chief Executive Officer of Tristate Holdings Ltd since 199 ...


CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD733.52K) is above average for companies of similar size in the Hong Kong market ($USD224.20K).

Compensation vs Earnings: Peter's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Kin-Chung Wang
Chairman21.33yrsHK$5.69m68.4% HK$260.1m
Man Ying Chan
Chief Financial Officer1.25yrsno datano data
Jingyan Ma
Managing Director of Contract Manufacturing Business Unitno datano datano data
Xiaofang Zhang
Managing Director of the third party fulfillment businessno datano datano data
Duan Zijian
President of Contract Manufacturingno datano datano data
Lin Sun
President of Cissonne & C.P. Companyno datano datano data
Hon Fai To
Company Secretary3.67yrsno datano data
Lorenzo Osti
President of C.P. Companyno datano datano data
Donrad Duncan
Principal Designerno datano datano data

3.7yrs

Average Tenure

45.5yo

Average Age

Experienced Management: 458's management team is considered experienced (3.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kin-Chung Wang
Chairman21.33yrsHK$5.69m68.4% HK$260.1m
Yik-Chun Wang Koo
Honorary Chairlady18.33yrsHK$855.00kno data
Shui Chung Wang
Non-Executive Director21.08yrsHK$132.00kno data
James Christopher Kralik
Independent Non-Executive Director18.08yrsHK$186.00kno data
Wing Yee Mak Wang
Non-Executive Director21.08yrsHK$219.00kno data
Kai Yiu Lo
Independent Non-Executive Director21.92yrsHK$281.00kno data
Chi Chien Tang
Chairman Emeritusno dataHK$5.49mno data
Peter Tan
Independent Non-Executive Director9.33yrsHK$124.00kno data

19.3yrs

Average Tenure

68yo

Average Age

Experienced Board: 458's board of directors are seasoned and experienced ( 19.3 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.


Ownership Breakdown

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


Top Shareholders

Company Information

Tristate Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tristate Holdings Limited
  • Ticker: 458
  • Exchange: SEHK
  • Founded: 1937
  • Industry: Apparel, Accessories and Luxury Goods
  • Sector: Consumer Durables
  • Market Cap: HK$380.250m
  • Shares outstanding: 271.61m
  • Website: https://www.tristateww.com

Number of Employees


Location

  • Tristate Holdings Limited
  • 66-72 Lei Muk Road
  • 5th Floor
  • Kwai Chung
  • New Territories
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
458SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDJan 1992

Biography

Tristate Holdings Limited, an investment holding company, designs, manufactures, and trades in garments in the People's Republic of China, Canada, the United States, and the United Kingdom. It offers military, work, and sportswear; outerwear; and womenswear under the C.P. Company, Cissonne, Nautica, and Spyder brand names. The company also engages in the branded product distribution, retail, and trading. In addition, it offers sales liaison, general administrative and supporting, factory facilities leasing, nominee and secretarial, technical, and design and customer support services. Further, the company is involved in trademark holding and licensing, retail store operation, and trading of apparel and accessories, as well as general trading and marketing, and product design and development activities. It also exports its products. The company was founded in 1937 and is headquartered in Kwai Chung, Hong Kong. Tristate Holdings Limited is a subsidiary of Silver Tree Holdings Inc. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/27 12:45
End of Day Share Price2020/05/26 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.