Top Form International Limited (0333) AI Stock Analysis

• Market Cap: HK$75.26M
• Dividend Yield: N/A
• Average Volume (3M): 14.97K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: 7.57%
• EPS Growth: -1383.56%
• Country: HK
• Employees: 6,690
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): -0.05
• Shares Outstanding: 301,052,670
• 10 Day Avg. Volume: 40,680
• 30 Day Avg. Volume: 14,973
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.22
• Price to Sales (P/S): 0.07
• P/FCF Ratio: 0.00
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: HK$0.50 ▲(92.31% Upside)

Top Form International's overall score is primarily influenced by its positive technical indicators, despite financial performance challenges. The stock shows potential upside in technical terms, but ongoing profitability issues and valuation concerns weigh down its overall attractiveness.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Improved Cash Flow

Enhanced cash flow reflects operational efficiency and better cash management, providing financial flexibility for future investments.

Lease Agreement Extension

Extending the lease secures long-term operational capacity, supporting sustained production and cost management in a key manufacturing location.

Negative Factors

Profitability Challenges

Ongoing profitability issues hinder shareholder returns and could affect the company's ability to reinvest in growth opportunities.

Negative Net Profit Margin

A negative net profit margin indicates cost pressures and inefficiencies, potentially limiting the company's ability to generate sustainable profits.

Fluctuating Margins

Inconsistent margins suggest volatility in operational efficiency, which can impact long-term financial stability and investment attractiveness.

Top Form International Limited Business Overview & Revenue Model

Company Description

Top Form International Limited, an investment holding company, designs, manufactures, and distributes ladies' intimate apparel. The company offers brassieres and ladies' underwear, as well as seamless products. It is also involved in the molding and laminating, and property holding and property investment businesses; and provision of consultancy services in relation to ladies intimate apparel and accessories. It operates in Hong Kong, the United States, Belgium, the Netherlands, Spain, France, Sri Lanka, Canada, the People's Republic of China, Germany, Italy, Mexico, and internationally. Top Form International Limited was founded in 1963 and is headquartered in Kowloon, Hong Kong.

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

Despite revenue growth and improved operating cash flow, Top Form International struggles with profitability, as indicated by negative net income and return on equity. Improved leverage management and financial stability are positive signs, but consistent profitability remains a key challenge.

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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.22B	1.22B	1.13B	1.01B	1.48B	1.43B
Gross Profit	241.97M	241.97M	255.49M	175.34M	273.93M	237.98M
EBITDA	19.44M	19.44M	56.81M	-22.15M	68.42M	66.38M
Net Income	-32.61M	-32.61M	-2.21M	-84.73M	3.55M	2.80M
Balance Sheet
Total Assets	771.82M	771.82M	803.36M	800.53M	898.42M	936.48M
Cash, Cash Equivalents and Short-Term Investments	90.54M	90.54M	102.26M	112.13M	136.49M	92.22M
Total Debt	120.21M	120.21M	117.23M	152.96M	141.76M	117.57M
Total Liabilities	386.71M	386.71M	407.32M	380.71M	391.10M	425.96M
Stockholders Equity	356.47M	356.47M	374.62M	373.00M	466.86M	475.54M
Cash Flow
Free Cash Flow	-32.39M	0.00	47.96M	-7.09M	42.59M	-56.28M
Operating Cash Flow	-25.27M	0.00	60.71M	23.00M	70.12M	-23.75M
Investing Cash Flow	-6.88M	0.00	-5.21M	-29.03M	-25.47M	-22.56M
Financing Cash Flow	-12.86M	0.00	-64.25M	-18.06M	4.75M	16.22M

Top Form International Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 0.26 is above the 20-day moving average (MA) of 0.25, below the 50-day MA of 0.27, and below the 200-day MA of 0.27, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.15 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
2199	67 Neutral	HK$2.83B	10.83	8.10%	4.00%	3.40%	151.24%
1982	64 Neutral	HK$2.39B	6.29	14.74%	12.14%	-0.95%	2.58%
2030	63 Neutral	HK$989.52M	30.90	2.21%	1.28%	-14.05%	20.05%
2368	63 Neutral	HK$2.00B	8.40	12.21%	7.98%	13.52%	4.95%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
2298	60 Neutral	HK$800.60M	7.26	4.94%	6.04%	0.72%	2.24%
0333	58 Neutral	HK$75.26M	-2.31	-8.92%	―	7.57%	-1383.56%

Top Form International Limited Corporate Events

Top Form International Successfully Passes Key AGM Resolutions

Top Form International Limited, a company listed on the Hong Kong Stock Exchange, successfully passed all resolutions during its Annual General Meeting held on December 3, 2025. Key resolutions included the re-election of directors, the appointment of a new independent non-executive director, and the authorization for the board to manage remuneration and share issuance. These decisions reflect the company’s strategic focus on strengthening its leadership and operational capabilities, potentially enhancing its market position and stakeholder confidence.

The most recent analyst rating on (HK:0333) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Top Form International Limited stock, see the HK:0333 Stock Forecast page.

Top Form International Limited Announces Board Composition and Committee Roles

Top Form International Limited has announced the composition of its board of directors, which includes executive, non-executive, and independent non-executive directors. The board has established three committees: Audit, Compensation, and Nomination, with specific directors assigned to each. This announcement provides clarity on the governance structure and roles within the company, potentially impacting its strategic direction and stakeholder engagement.

The most recent analyst rating on (HK:0333) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Top Form International Limited stock, see the HK:0333 Stock Forecast page.

Top Form International Faces Sales Decline Amid Global Trade Uncertainties

Top Form International Limited reported a 25% decrease in sales for the first quarter of Fiscal 2026, driven by reduced demand in the U.S. due to uncertain trade policies and tariff impacts. The company is facing challenges with gross profit margins due to idled capacity and a shift to lower-margin products. Despite these challenges, Top Form is focusing on cost control and innovation to onboard new customers and drive growth. The company remains vigilant in adapting to global economic uncertainties, including U.S. trade policies, geopolitical tensions, and potential market volatility.

The most recent analyst rating on (HK:0333) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Top Form International Limited stock, see the HK:0333 Stock Forecast page.

Top Form International Announces Key Resolutions for Upcoming AGM

Top Form International Limited has announced its upcoming Annual General Meeting, scheduled for December 3, 2025, in Hong Kong. The meeting will address several key resolutions, including the re-election and appointment of directors, the re-appointment of auditors, and the authorization for directors to issue additional shares. These decisions are pivotal for the company’s governance and strategic direction, potentially impacting its operational capabilities and shareholder value.

The most recent analyst rating on (HK:0333) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Top Form International Limited stock, see the HK:0333 Stock Forecast page.