Top Form International Limited (0333) AI Stock Analysis

• Market Cap: HK$82.79M
• Dividend Yield: N/A
• Average Volume (3M): 32.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: 20.02%
• EPS Growth: 90.55%
• Country: HK
• Employees: 6,690
• Sector: Consumer Cyclical
• Sector Strength: 65
• Industry: Apparel - Manufacturers
• EPS (TTM): -0.02
• Shares Outstanding: 301,052,670
• 10 Day Avg. Volume: 56,624
• 30 Day Avg. Volume: 32,536
• PEG Ratio: 0.06
• Price to Book (P/B): 0.23
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 8.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$0.50
• Price Target Upside: 78.57% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 51 Neutral
• Price Target: HK$0.50 ▲(78.57%Upside)

Top Form International's stock score is primarily impacted by its financial performance, which shows revenue growth but struggles with profitability. Technical indicators suggest positive momentum, yet the negative P/E ratio reflects valuation concerns. The absence of earnings call and corporate events data leaves these components unaccounted for in the score.

Top Form International Limited Business Overview & Revenue Model

Company Description

Top Form International Limited (0333) is a company that specializes in the design, manufacture, and distribution of intimate apparel. It operates across various sectors, including women's lingerie and underwear, serving a diverse clientele ranging from global brands to private labels. The company is known for its high-quality products and innovative designs, catering to different market segments across the globe.

How the Company Makes Money

Top Form International Limited generates revenue primarily through the sale of intimate apparel. The company's key revenue streams include manufacturing and supplying lingerie and underwear to both branded and private label clients. It benefits from significant partnerships with well-known international brands, allowing it to maintain a steady demand for its products. Additionally, the company leverages its extensive manufacturing capabilities and expertise in design and production to cater to diverse market needs, ensuring a consistent flow of income. Factors such as economies of scale and a strong global distribution network also contribute to its earnings.

Top Form International Limited Financial Statement Overview

Summary

Revenue growth is evident, but profitability issues persist, with a negative net income and fluctuating margins. Improved operating cash flow and reduced leverage enhance financial stability, yet shareholder returns are hindered by ongoing profitability challenges.

Income Statement

Top Form International's revenue grew by 12.2% in 2024, showcasing a positive trend compared to 2023. However, the company has struggled with profitability, reporting a negative net income in recent years. The gross profit margin improved from 17.4% in 2023 to 22.6% in 2024, indicating better cost management. Nevertheless, the negative net profit margin and fluctuating EBIT and EBITDA margins highlight ongoing challenges in achieving consistent profitability.

Balance Sheet

The balance sheet shows a relatively stable equity position with a slight increase in stockholders' equity from 2023 to 2024. The debt-to-equity ratio decreased to 0.31 in 2024, reflecting better leverage management. However, the return on equity remains negative, indicating that profitability issues are impacting shareholder returns. The equity ratio slightly improved to 46.6% in 2024, suggesting a moderate financial stability.

Cash Flow

Operating cash flow significantly improved in 2024, nearly doubling from 2023, which is a positive sign of operational efficiency. The free cash flow turned positive, reflecting better cash management and reduced capital expenditures. The free cash flow to net income ratio is unfavorable due to negative net income, but the positive operating cash flow is a highlight in an otherwise challenging financial picture.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	1.13B	1.01B	1.48B	1.43B	1.24B
Gross Profit	255.49M	175.34M	273.93M	237.98M	180.35M
EBITDA	56.81M	-22.15M	68.42M	66.38M	-31.15M
Net Income	-2.21M	-84.73M	3.55M	2.80M	-77.23M
Balance Sheet
Total Assets	803.36M	800.53M	898.42M	936.48M	844.06M
Cash, Cash Equivalents and Short-Term Investments	102.26M	112.13M	136.49M	92.22M	122.90M
Total Debt	117.23M	152.96M	141.76M	117.57M	133.36M
Total Liabilities	407.32M	380.71M	391.10M	425.96M	395.39M
Stockholders Equity	374.62M	373.00M	466.86M	475.54M	425.75M
Cash Flow
Free Cash Flow	47.96M	-7.09M	42.59M	-56.28M	-15.37M
Operating Cash Flow	60.71M	23.00M	70.12M	-23.75M	52.67M
Investing Cash Flow	-5.21M	-29.03M	-25.47M	-22.56M	-79.67M
Financing Cash Flow	-64.25M	-18.06M	4.75M	16.22M	55.34M

Top Form International Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0333, the sentiment is Positive. The current price of 0.28 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.25, and above the 200-day MA of 0.27, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 66.18 is Neutral, neither overbought nor oversold. The STOCH value of 70.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0333.

Top Form International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2030	73 Outperform	HK$1.02B	33.93	2.07%	1.13%	-14.59%	29.36%
2298	69 Neutral	HK$526.42M	3.82	6.38%	2.08%	7.08%	190.74%
1982	68 Neutral	HK$1.78B	5.19	14.40%	3.85%	4.95%	94.03%
2368	63 Neutral	HK$2.04B	9.28	13.04%	24.79%	12.67%	-25.28%
Sector *	56 Neutral	HK$25.22B	4.10	-2.03%	6.15%	-0.31%	-67.64%
2199	56 Neutral	HK$2.33B	12.65	5.63%	1.31%	9.38%	-41.33%
0333	51 Neutral	HK$82.79M	―	-1.92%	―	20.02%	90.55%

Top Form International Limited Corporate Events

Top Form International Restructures Lease for Cost Efficiency

Top Form International Limited has announced a restructuring of its lease arrangements for office premises. The company has entered into a Surrender Agreement to terminate its existing tenancy early and simultaneously signed a New Tenancy Agreement and a Licence Agreement for different units. This move is aimed at optimizing operational needs and cost efficiency, and it constitutes a discloseable transaction under the Listing Rules, indicating a strategic shift in the company’s operational logistics.

Top Form International Sees Sales Growth Amid Global Trade Challenges

Top Form International Limited reported a 2.5% increase in sales for the third quarter of fiscal 2025, driven by higher demand from the U.S. and European markets. Despite a lower gross profit margin due to changes in customer and product mix, the company remains resilient, focusing on innovation, cost control, and operational efficiency to navigate the challenges posed by volatile global trade conditions and shifting U.S. trade policies.