Loading...

High Fashion International

SEHK:608
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
608
SEHK
HK$556M
Market Cap
  1. Home
  2. HK
  3. Consumer Durables
Company description

High Fashion International Limited, an investment holding company, engages in manufacturing, retailing, and trading garments in the United States, Europe, Greater China, and internationally. The last earnings update was 84 days ago. More info.


Add to Portfolio Compare Print
608 Share Price and Events
7 Day Returns
-1.1%
SEHK:608
2.1%
HK Luxury
0.6%
HK Market
1 Year Returns
-3.7%
SEHK:608
-1.3%
HK Luxury
-4.5%
HK Market
608 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
High Fashion International (608) -1.1% -1.1% 4.6% -3.7% 2.8% -39.3%
HK Luxury 2.1% 5% -2.8% -1.3% 26.9% 4.1%
HK Market 0.6% 0.4% -7% -4.5% 17.8% 1.1%
1 Year Return vs Industry and Market
  • 608 underperformed the Luxury industry which returned -1.3% over the past year.
  • 608 matched the Hong Kong Market (-4.5%) over the past year.
Price Volatility
608
Industry
5yr Volatility vs Market

608 Value

 Is High Fashion International undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of High Fashion International to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for High Fashion International.

SEHK:608 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 14.6%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:608
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Luxury Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.812 (1 + (1- 25%) (248.71%))
1.89
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.89 * 6.65%)
14.57%

Discounted Cash Flow Calculation for SEHK:608 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for High Fashion International is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:608 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 14.57%)
2020 255.96 Est @ 71.05% 223.41
2021 384.79 Est @ 50.33% 293.15
2022 522.68 Est @ 35.83% 347.55
2023 656.92 Est @ 25.68% 381.27
2024 778.98 Est @ 18.58% 394.62
2025 884.98 Est @ 13.61% 391.30
2026 974.59 Est @ 10.13% 376.12
2027 1,049.52 Est @ 7.69% 353.53
2028 1,112.32 Est @ 5.98% 327.04
2029 1,165.59 Est @ 4.79% 299.12
Present value of next 10 years cash flows HK$3,387.11
SEHK:608 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$1,165.59 × (1 + 2%) ÷ (14.57% – 2%)
HK$9,460.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$9,460.89 ÷ (1 + 14.57%)10
HK$2,427.89
SEHK:608 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$3,387.11 + HK$2,427.89
HK$5,815.00
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$5,815.00 / 305.62
HK$19.03
SEHK:608 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$19.03
Current discount Discount to share price of HK$1.82
= -1 x (HK$1.82 - HK$19.03) / HK$19.03
90.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price High Fashion International is available for.
Intrinsic value
>50%
Share price is HK$1.82 vs Future cash flow value of HK$19.03
Current Discount Checks
For High Fashion International to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • High Fashion International's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • High Fashion International's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for High Fashion International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are High Fashion International's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:608 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$0.14
SEHK:608 Share Price ** SEHK (2019-07-19) in HKD HK$1.82
Hong Kong Luxury Industry PE Ratio Median Figure of 75 Publicly-Listed Luxury Companies 9.97x
Hong Kong Market PE Ratio Median Figure of 1,512 Publicly-Listed Companies 10.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of High Fashion International.

SEHK:608 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:608 Share Price ÷ EPS (both in HKD)

= 1.82 ÷ 0.14

12.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • High Fashion International is overvalued based on earnings compared to the HK Luxury industry average.
  • High Fashion International is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does High Fashion International's expected growth come at a high price?
Raw Data
SEHK:608 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
30.7%per year
Hong Kong Luxury Industry PEG Ratio Median Figure of 22 Publicly-Listed Luxury Companies 0.99x
Hong Kong Market PEG Ratio Median Figure of 481 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for High Fashion International, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on High Fashion International's assets?
Raw Data
SEHK:608 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$8.26
SEHK:608 Share Price * SEHK (2019-07-19) in HKD HK$1.82
Hong Kong Luxury Industry PB Ratio Median Figure of 123 Publicly-Listed Luxury Companies 0.97x
Hong Kong Market PB Ratio Median Figure of 2,198 Publicly-Listed Companies 0.92x
SEHK:608 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:608 Share Price ÷ Book Value per Share (both in HKD)

= 1.82 ÷ 8.26

0.22x

* Primary Listing of High Fashion International.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • High Fashion International is good value based on assets compared to the HK Luxury industry average.
X
Value checks
We assess High Fashion International's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Luxury industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Luxury industry average (and greater than 0)? (1 check)
  5. High Fashion International has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

608 Future Performance

 How is High Fashion International expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover High Fashion International, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
30.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is High Fashion International expected to grow at an attractive rate?
  • High Fashion International's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • High Fashion International's earnings growth is expected to exceed the Hong Kong market average.
  • Unable to compare High Fashion International's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:608 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:608 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 30.7%
Hong Kong Luxury Industry Earnings Growth Rate Market Cap Weighted Average 15.9%
Hong Kong Luxury Industry Revenue Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:608 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:608 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 3,075 204 44
2018-09-30 3,054 92 43
2018-06-30 3,034 -15 43
2018-03-31 2,883 -49 42
2017-12-31 2,733 -89 42
2017-09-30 2,568 -102 46
2017-06-30 2,403 -114 51
2017-03-31 2,413 -101 47
2016-12-31 2,423 -88 43
2016-09-30 2,514 -41 37
2016-06-30 2,606 6 31
2016-03-31 2,642 34 39

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • High Fashion International's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if High Fashion International is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:608 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from High Fashion International Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:608 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 0.14
2018-09-30 0.14
2018-06-30 0.14
2018-03-31 0.14
2017-12-31 0.14
2017-09-30 0.15
2017-06-30 0.17
2017-03-31 0.15
2016-12-31 0.14
2016-09-30 0.12
2016-06-30 0.10
2016-03-31 0.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if High Fashion International will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess High Fashion International's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
High Fashion International has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

608 Past Performance

  How has High Fashion International performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare High Fashion International's growth in the last year to its industry (Luxury).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • High Fashion International's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • High Fashion International's 1-year earnings growth exceeds its 5-year average (4% vs -35.3%)
  • High Fashion International's earnings growth has exceeded the HK Luxury industry average in the past year (4% vs 1.2%).
Earnings and Revenue History
High Fashion International's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from High Fashion International Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:608 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,074.75 43.64 545.08
2018-09-30 3,054.28 43.17 544.60
2018-06-30 3,033.81 42.70 544.12
2018-03-31 2,883.39 42.34 529.70
2017-12-31 2,732.97 41.98 515.29
2017-09-30 2,568.22 46.37 521.52
2017-06-30 2,403.46 50.76 527.76
2017-03-31 2,413.00 47.02 549.08
2016-12-31 2,422.55 43.28 570.39
2016-09-30 2,514.20 37.38 559.57
2016-06-30 2,605.86 31.48 548.74
2016-03-31 2,642.05 38.95 549.86
2015-12-31 2,678.24 46.42 550.98
2015-09-30 2,723.90 74.11 571.09
2015-06-30 2,769.56 101.79 591.21
2015-03-31 2,817.17 101.63 604.20
2014-12-31 2,864.79 101.47 617.19
2014-09-30 2,883.37 129.03 628.70
2014-06-30 2,901.95 156.59 640.21
2014-03-31 2,854.30 175.53 645.00
2013-12-31 2,806.66 194.48 649.79
2013-09-30 2,750.14 190.33 634.55
2013-06-30 2,693.61 186.17 619.32
2013-03-31 2,652.74 178.14 628.83
2012-12-31 2,611.87 170.12 638.34
2012-09-30 2,635.23 164.03 662.29

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • High Fashion International has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • High Fashion International used its assets less efficiently than the HK Luxury industry average last year based on Return on Assets.
  • High Fashion International's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess High Fashion International's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Luxury industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
High Fashion International has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

608 Health

 How is High Fashion International's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up High Fashion International's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • High Fashion International is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • High Fashion International's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of High Fashion International's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from High Fashion International Company Filings, last reported 6 months ago.

SEHK:608 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,494.24 1,383.37 983.10
2018-09-30 2,494.24 1,383.37 983.10
2018-06-30 2,496.87 1,444.68 998.71
2018-03-31 2,496.87 1,444.68 998.71
2017-12-31 2,520.11 1,387.70 993.49
2017-09-30 2,520.11 1,387.70 993.49
2017-06-30 2,338.41 1,345.12 1,121.79
2017-03-31 2,338.41 1,345.12 1,121.79
2016-12-31 2,163.16 1,216.49 955.08
2016-09-30 2,163.16 1,216.49 955.08
2016-06-30 2,251.94 1,203.34 1,185.64
2016-03-31 2,251.94 1,203.34 1,185.64
2015-12-31 2,241.20 1,364.93 1,362.25
2015-09-30 2,241.20 1,364.93 1,362.25
2015-06-30 2,542.93 1,423.96 1,648.44
2015-03-31 2,542.93 1,423.96 1,648.44
2014-12-31 2,511.53 2,194.96 2,407.20
2014-09-30 2,511.53 2,194.96 2,407.20
2014-06-30 2,447.21 2,668.04 2,774.72
2014-03-31 2,447.21 2,668.04 2,774.72
2013-12-31 2,645.17 2,535.71 2,814.94
2013-09-30 2,645.17 2,535.71 2,814.94
2013-06-30 2,422.75 2,254.56 2,576.50
2013-03-31 2,422.75 2,254.56 2,576.50
2012-12-31 2,292.65 1,846.24 2,218.27
2012-09-30 2,292.65 1,846.24 2,218.27
  • High Fashion International's level of debt (55.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (96% vs 55.5% today).
  • Debt is not well covered by operating cash flow (14.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess High Fashion International's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. High Fashion International has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

608 Dividends

 What is High Fashion International's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.3%
Current annual income from High Fashion International dividends.
If you bought HK$2,000 of High Fashion International shares you are expected to receive HK$66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • High Fashion International's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
  • High Fashion International's dividend is below the markets top 25% of dividend payers in Hong Kong (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:608 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Hong Kong Luxury Industry Average Dividend Yield Market Cap Weighted Average of 57 Stocks 2.9%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:608 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-29 0.060 3.362
2019-04-01 0.060 3.449
2018-08-31 0.060 3.337
2018-04-26 0.060 3.262
2018-03-27 0.060 3.045
2017-09-27 0.060 3.024
2017-08-29 0.060 3.028
2017-04-27 0.060 2.994
2017-03-30 0.060 3.020
2016-09-28 0.060 3.023
2016-08-30 0.060 3.156
2016-04-28 0.060 3.028
2016-03-30 0.060 2.664
2015-09-24 0.060 2.565
2015-08-28 0.060 2.448
2015-04-28 0.100 3.512
2015-03-30 0.100 3.700
2014-04-03 0.200 6.930
2013-04-26 0.200 6.561
2013-04-02 0.200 7.004
2012-08-31 0.200 7.351
2012-03-27 0.220 7.944
2011-08-31 0.200 6.905
2011-03-30 0.260 8.217
2010-08-26 0.100 3.411
2010-04-16 0.100 3.764
2009-09-21 0.060 3.201
2009-04-27 0.060 3.827
2008-09-16 0.080 5.261

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of High Fashion International's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess High Fashion International's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can High Fashion International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. High Fashion International has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

608 Management

 What is the CEO of High Fashion International's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Foo Lam
COMPENSATION HK$8,670,000
AGE 70
CEO Bio

Mr. Foo Wah Lam co-founded High Fashion International Limited and serves as its Chairman & Managing Director. Mr. Lam served as an Executive Chairman and Chief Executive Officer of Theme International Holdings Ltd. Mr. Lam joined Theme International Group in 2000 and oversees its operations and is responsible for formulating its overall policy and development. He has over 29 years' experience in the manufacturing and marketing of garments. Mr. Lam serves as an Executive Director of High Fashion International Limited. He served as an Executive Director of Theme International Holdings Ltd since January 6, 2001.

CEO Compensation
  • Foo's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Foo's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team

Foo Lam

TITLE
Co-Founder
COMPENSATION
HK$9M
AGE
70

Patricia So

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
60

Will Lam

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
36

Well Lam

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
34

George Poon

TITLE
Group Chief Financial Officer
AGE
46

Ping Lin

TITLE
Chairman & CEO of High Fashion Silk (Zhejiang) Co Ltd
AGE
58

Ellen Dawson-Bruckenthal

TITLE
President of August Silk Inc and Chief Merchandise Officer of August Silk Inc
AGE
62

Helen Chow

TITLE
Chief Executive Officer of Knitwear Centre - High Fashion (China) Co Ltd
AGE
57

Valentine Dunne

TITLE
CEO of High Fashion Garments Inc & August Silk Inc
AGE
48

Benedict Chan

TITLE
COO of August Silk Inc & COO of High Fashion International (USA) Inc
AGE
64
Board of Directors Tenure

Average tenure and age of the High Fashion International board of directors in years:

12.3
Average Tenure
61
Average Age
  • The average tenure for the High Fashion International board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Foo Lam

TITLE
Co-Founder
COMPENSATION
HK$9M
AGE
70

Patricia So

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
60

Will Lam

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
36
TENURE
5.3 yrs

Well Lam

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
34
TENURE
5.3 yrs

Ping Lin

TITLE
Chairman & CEO of High Fashion Silk (Zhejiang) Co Ltd
AGE
58

Gen Ruan

TITLE
GM & Director of Zhejiang High Fashion Culture Creativity and Vice Chairman of High Fashion (China)
AGE
58

Hilda Leung

TITLE
Vice Chairman of High Fashion (China) Co Ltd & Director of High Fashion Garments Company Limited
AGE
62

Peter Wong

TITLE
Independent Non Executive Director
COMPENSATION
HK$200K
AGE
78
TENURE
15 yrs

Hok Lim Leung

TITLE
Independent Non Executive Director
COMPENSATION
HK$200K
AGE
84
TENURE
14.8 yrs

Kwok Wing Yeung

TITLE
Non-Executive Director
COMPENSATION
HK$200K
AGE
72
TENURE
12.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
30. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 28. May 19 28. May 19 78,000 HK$1.73 HK$134,940
30. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 27. May 19 27. May 19 26,000 HK$1.73 HK$44,980
28. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 23. May 19 23. May 19 22,000 HK$1.73 HK$38,060
28. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 24. May 19 24. May 19 4,000 HK$1.73 HK$6,920
23. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 21. May 19 21. May 19 98,000 HK$1.73 HK$169,540
23. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 20. May 19 20. May 19 6,000 HK$1.73 HK$10,380
15. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 14. May 19 14. May 19 60,000 HK$1.73 HK$103,800
15. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 09. May 19 09. May 19 44,000 HK$1.73 HK$76,120
15. May 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 10. May 19 10. May 19 4,000 HK$1.73 HK$6,920
15. Apr 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 12. Apr 19 12. Apr 19 4,000 HK$1.73 HK$6,920
25. Jan 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 23. Jan 19 23. Jan 19 8,000 HK$1.72 HK$13,760
22. Jan 19 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 21. Jan 19 21. Jan 19 30,000 HK$1.72 HK$51,600
22. Jan 19 Buy Foo Lam Individual 21. Jan 19 21. Jan 19 550,000 HK$1.72 HK$946,002
05. Dec 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 29. Nov 18 29. Nov 18 22,000 HK$1.72 HK$37,840
29. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 28. Nov 18 28. Nov 18 20,000 HK$1.71 HK$34,200
28. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 27. Nov 18 27. Nov 18 136,000 HK$1.72 HK$233,539
26. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 22. Nov 18 22. Nov 18 120,000 HK$1.72 HK$206,700
26. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 23. Nov 18 23. Nov 18 150,000 HK$1.71 HK$256,800
09. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 07. Nov 18 07. Nov 18 70,000 HK$1.73 HK$121,100
09. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 08. Nov 18 08. Nov 18 28,000 HK$1.73 HK$48,440
01. Nov 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 31. Oct 18 31. Oct 18 16,000 HK$1.73 HK$27,680
31. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 30. Oct 18 30. Oct 18 196,000 HK$1.73 HK$338,982
29. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 25. Oct 18 25. Oct 18 60,000 HK$1.75 HK$104,958
29. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 26. Oct 18 26. Oct 18 50,000 HK$1.75 HK$87,500
23. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 19. Oct 18 19. Oct 18 30,000 HK$1.75 HK$52,500
23. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 18. Oct 18 18. Oct 18 16,000 HK$1.75 HK$28,000
15. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 12. Oct 18 12. Oct 18 30,000 HK$1.80 HK$54,000
15. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 11. Oct 18 11. Oct 18 10,000 HK$1.80 HK$18,000
09. Oct 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 08. Oct 18 08. Oct 18 12,000 HK$1.83 HK$21,960
24. Sep 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 21. Sep 18 21. Sep 18 30,000 HK$1.83 HK$54,900
21. Sep 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 19. Sep 18 19. Sep 18 46,000 HK$1.83 HK$84,378
13. Sep 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 12. Sep 18 12. Sep 18 84,000 HK$1.86 HK$156,643
13. Sep 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 10. Sep 18 10. Sep 18 20,000 HK$1.88 HK$37,600
13. Sep 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 11. Sep 18 11. Sep 18 82,000 HK$1.87 HK$153,323
10. Sep 18 Buy High Fashion Charitable Foundation Limited, Endowment Arm Company 06. Sep 18 06. Sep 18 20,000 HK$1.88 HK$37,600
06. Sep 18 Buy Foo Lam Individual 05. Sep 18 05. Sep 18 18,000 HK$1.90 HK$34,121
30. Jul 18 Buy Foo Lam Individual 27. Jul 18 27. Jul 18 106,000 HK$1.88 HK$199,142
X
Management checks
We assess High Fashion International's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. High Fashion International has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

608 News

Simply Wall St News

Have Insiders Been Buying High Fashion International Limited (HKG:608) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in High Fashion International Limited (HKG:608). … High Fashion International insiders own about HK$292m worth of shares (which is 52% of the company). … With high insider ownership and encouraging transactions, it seems like High Fashion International insiders think the business has merit.

Simply Wall St -

High Fashion International (HKG:608) Has A Somewhat Strained Balance Sheet

We can see that High Fashion International Limited (HKG:608) does use debt in its business. … SEHK:608 Historical Debt, July 3rd 2019 How Strong Is High Fashion International's Balance Sheet? … Either way, since High Fashion International does have more debt than cash, it's worth keeping an eye on its balance sheet.

Simply Wall St -

Why High Fashion International Limited's (HKG:608) High P/E Ratio Isn't Necessarily A Bad Thing

To keep it practical, we'll show how High Fashion International Limited's (HKG:608) P/E ratio could help you assess the value on offer. … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for High Fashion International: P/E of 12.19 = HK$1.74 ÷ HK$0.14 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … High Fashion International's earnings per share grew by -4.0% in the last twelve months.

Simply Wall St -

Does High Fashion International Limited (HKG:608) Have A Place In Your Dividend Portfolio?

Is High Fashion International Limited (HKG:608) a good dividend stock? … High Fashion International paid out 12% of its free cash flow as dividends last year, which is conservative and suggests the dividend is sustainable. … Earnings per share are down, and High Fashion International's dividend has been cut at least once in the past, which is disappointing.

Simply Wall St -

Did You Manage To Avoid High Fashion International's (HKG:608) 44% Share Price Drop?

But the main game is to find enough winners to more than offset the losers At this point some shareholders may be questioning their investment in High Fashion International Limited (HKG:608), since the last five years saw the share price fall 44%. … Looking back five years, both High Fashion International's share price and EPS declined; the latter at a rate of 26% per year. … As it happens, High Fashion International's TSR for the last 5 years was -32%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Does High Fashion International Limited's (HKG:608) 4.0% Earnings Growth Reflect The Long-Term Trend?

After looking at High Fashion International Limited's (HKG:608) latest earnings announcement (31 December 2018), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … View our latest analysis for High Fashion International? … 608's trailing twelve-month earnings (from 31 December 2018) of HK$44m has.

Simply Wall St -

Does High Fashion International Limited's (HKG:608) CEO Pay Matter?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Foo Lam's Compensation Compare With Similar Sized Companies. … Our data indicates that High Fashion International Limited is worth HK$529m, and total annual CEO compensation is HK$8.3m.

Simply Wall St -

Do Institutions Own High Fashion International Limited (HKG:608) Shares?

A look at the shareholders of High Fashion International Limited (HKG:608) can tell us which group is most powerful. … High Fashion International is a smaller company with a market capitalization of HK$532m, so it may still be flying under the radar of many institutional investors. … View our latest analysis for High Fashion International

Simply Wall St -

Are Insiders Buying High Fashion International Limited (HKG:608) Stock?

So we'll take a look at whether insiders have been buying or selling shares in High Fashion International Limited (HKG:608). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In any event it's generally a positive if insiders are buying shares at around the current price

Simply Wall St -

Should We Worry About High Fashion International Limited's (HKG:608) P/E Ratio?

We'll show how you can use High Fashion International Limited's (HKG:608) P/E ratio to inform your assessment of the investment opportunity. … Based on the last twelve months, High Fashion International's P/E ratio is 13.03. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

608 Company Info

Description

High Fashion International Limited, an investment holding company, engages in manufacturing, retailing, and trading garments in the United States, Europe, Greater China, and internationally. The company operates through Manufacturing and Trading, Brand Business, and Property Investment and Development segments. It primarily offers upper tier, women’s and men’s, and woven silk and knitwear products, as well as sportswear, intimate apparel, neckwear, and home furnishings and textiles; silk ties and presents; and apparel accessories, such as plastic bags, hand tags, labels, clothes-racks, and stickers. The company is also involved in the holding of trademarks; trading of garments, fabrics, and accessories; property development and holding business; printing, dyeing, and sandwashing of fabrics; and provision of garment agency, management, silk weaving, and cultural complex development services. High Fashion International Limited was founded in 1978 and is headquartered in Kwai Chung, Hong Kong.

Details
Name: High Fashion International Limited
608
Exchange: SEHK
Founded: 1978
HK$556,220,064
305,615,420
Website: http://www.highfashion.com.hk
Address: High Fashion International Limited
CITIC Telecom Tower,
22nd Floor,
Kwai Chung,
New Territories, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 608 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 18. Sep 1992
Number of employees
Current staff
Staff numbers
6,200
High Fashion International employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 12:38
End of day share price update: 2019/07/19 00:00
Last earnings filing: 2019/04/29
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.