Nameson Holdings Ltd. (1982) AI Stock Analysis

• Market Cap: HK$2.28B
• Dividend Yield: 12.14%
• Average Volume (3M): 1.33M
• Price to Earnings (P/E): 1.5
• Beta (1Y): 0.21
• Revenue Growth: -0.95%
• EPS Growth: 2.58%
• Country: HK
• Employees: 16,300
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 0.15
• Shares Outstanding: 2,279,392,000
• 10 Day Avg. Volume: 2,928,400
• 30 Day Avg. Volume: 1,330,733
• PEG Ratio: -0.89
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 0.44
• P/FCF Ratio: -58.73
• 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: 63 Neutral
• Price Target: HK$1.00 ▼(-4.76% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is driven primarily by mixed fundamentals: solid profitability and a manageable balance sheet are offset by materially weaker cash conversion and negative free cash flow. Valuation is a major positive due to the very low P/E and high dividend yield, while technical signals remain weak with the stock trading below key moving averages and bearish momentum indicators.

Positive Factors

Vertically integrated manufacturing

Vertical integration gives durable control over production, quality and costs, supporting consistent supply to global brands. This structural strength reduces outsourcing risks, preserves gross margins through efficiencies and enables bespoke manufacturing relationships that underpin steady B2B revenue over years.

Healthy margins and ROE

Sustained mid‑teens ROE and industry‑leading gross/net margins indicate profitable core operations and effective capital use. Combined with manageable leverage, this provides long‑term capacity to invest, pay dividends and withstand cyclical softness without immediate capital restructuring.

Established bank funding access

A committed three‑year HK$200m facility demonstrates continued lender support and reduces short‑term refinancing risk. This structural access to liquidity can back working capital and capex while the company addresses negative free cash flow, giving time to restore cash conversion.

Negative Factors

Deteriorating cash conversion

Material weakening in operating cash flow and negative free cash flow undermine the firm’s ability to self‑fund operations, capital expenditures, and dividends. Persisting cash conversion issues would increase reliance on external financing and raise long‑term liquidity and solvency risk.

Soft revenue momentum

Stagnant to declining top‑line reduces scale benefits and limits margin expansion over time in a volume‑sensitive apparel business. Without sustainable revenue growth, pricing power and investment returns may weaken, pressuring long‑term profitability and competitive positioning.

Shareholding covenant risk

A financing covenant tied to the controlling family's stake creates structural concentration and refinancing risk: any family share reduction or dispute could trigger default, constraining strategic flexibility and potentially forcing urgent recapitalization or asset sales.

Nameson Holdings Ltd. Business Overview & Revenue Model

Company Description

Nameson Holdings Limited, an investment holding company, designs, manufactures, and sells knitwear products. The company offers women's wear and men's wear products; and other products, such as cashmere yarns, knitted uppers for footwear, children's wear, scarfs, hats, and gloves. It provides its products to apparel brands in Japan, North America, Europe, Mainland China, and internationally. The company was founded in 1990 and is headquartered in Tai Po, Hong Kong. Nameson Holdings Limited is a subsidiary of Nameson Investments Limited.

Nameson Holdings Ltd. Financial Statement Overview

Summary

Profitability and balance sheet quality are decent (TTM gross margin ~18%, net margin ~8%; debt-to-equity ~0.46; ROE ~14%), but financial strength is held back by a sharp deterioration in cash generation (TTM operating cash flow down materially and free cash flow negative) and soft revenue momentum (TTM revenue down ~2%).

Income Statement

Profitability is solid for the industry, with TTM (Trailing-Twelve-Months) gross margin around 18% and net margin near 8%, supported by healthy operating profitability. However, revenue has been effectively flat-to-down recently (TTM revenue down ~2% after a slight decline last year), and earnings have shown some volatility over the cycle (notably weaker profitability in 2023 versus surrounding years). Overall: good margins, but limited growth momentum and some variability in results.

Balance Sheet

Leverage looks manageable: TTM (Trailing-Twelve-Months) debt is well below equity (debt-to-equity ~0.46), an improvement from higher leverage earlier in the period. Equity is sizable relative to the asset base, and shareholder returns are healthy (TTM return on equity ~14%), indicating decent capital efficiency. Main watch-out is that debt levels have moved up versus last year, even if still within a reasonable range.

Cash Flow

Cash generation weakened materially in TTM (Trailing-Twelve-Months): operating cash flow fell sharply versus last year and free cash flow turned negative, meaning reported profits were not translating into cash. This is a clear deterioration from the prior two years, when free cash flow was positive and meaningfully supported earnings. The key risk is continued pressure on cash conversion and funding needs if negative free cash flow persists.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	4.40B	4.35B	4.38B	4.60B	4.04B	3.85B
Gross Profit	839.56M	781.82M	774.24M	726.63M	686.34M	681.23M
EBITDA	724.02M	698.47M	723.08M	482.55M	568.24M	586.51M
Net Income	378.37M	342.33M	361.67M	134.84M	263.30M	313.68M
Balance Sheet
Total Assets	5.21B	4.78B	4.45B	4.43B	4.81B	4.66B
Cash, Cash Equivalents and Short-Term Investments	613.57M	430.82M	717.40M	717.03M	610.72M	793.20M
Total Debt	1.28B	1.10B	974.36M	1.10B	1.32B	1.52B
Total Liabilities	2.33B	2.14B	1.85B	1.95B	2.21B	2.24B
Stockholders Equity	2.63B	2.37B	2.38B	2.28B	2.41B	2.24B
Cash Flow
Free Cash Flow	142.18M	-32.60M	366.69M	527.68M	96.39M	573.74M
Operating Cash Flow	382.32M	222.94M	582.95M	603.34M	246.64M	852.20M
Investing Cash Flow	-254.03M	-238.31M	-145.06M	-6.79M	-91.11M	-215.64M
Financing Cash Flow	-90.37M	-272.11M	-435.92M	-487.04M	-339.68M	-566.66M

Nameson Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1982, the sentiment is Negative. The current price of 1.05 is below the 20-day moving average (MA) of 1.12, below the 50-day MA of 1.08, and above the 200-day MA of 0.89, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 29.27 is Positive, neither overbought nor oversold. The STOCH value of 13.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1982.

Nameson Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2199	67 Neutral	HK$2.52B	4.54	8.52%	4.00%	3.40%	151.24%
1982	63 Neutral	HK$2.28B	1.52	14.74%	12.14%	-0.95%	2.58%
2368	63 Neutral	HK$1.72B	2.63	12.81%	7.98%	13.52%	4.95%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
0321	60 Neutral	HK$1.63B	2.40	2.58%	9.71%	-7.47%	-33.28%
1382	47 Neutral	HK$1.65B	6.53	4.73%	8.06%	-2.44%	-5.98%

Nameson Holdings Ltd. Corporate Events

Nameson Secures HK$200m Loan Tied to Wong Family Shareholding Covenant

Nameson Holdings Ltd. has secured a three-year term loan facility of up to HK$200 million from a bank, formalised in a facility letter signed on 20 March 2026. The financing arrangement underscores the company’s continued access to bank funding and may support its medium-term capital needs and operational flexibility.

Under the terms of the facility, controlling shareholder Mr. Wong Ting Chung and his family must give the lender one month’s prior notice if they plan to reduce their beneficial interest below 50%. Any breach of this specific performance obligation would trigger an event of default, making all outstanding amounts under the facility immediately due and payable, and the company has committed to ongoing disclosure of this covenant in its interim and annual reports as long as it remains in force.

The most recent analyst rating on (HK:1982) stock is a Buy with a HK$1.50 price target. To see the full list of analyst forecasts on Nameson Holdings Ltd. stock, see the HK:1982 Stock Forecast page.

Nameson reshapes board and key committees ahead of 2026

Nameson Holdings Limited has announced changes to its board composition and board committee memberships effective 1 January 2026. The reconstituted board will comprise four executive directors, led by Chairman Mr. Wong Wai Yue and Chief Executive Officer Mr. Man Yu Hin, and four independent non-executive directors, including Ms. Fan Chiu Fun, Fanny, Mr. Sun Po Yuen, Mr. Fan Chun Wah, Andrew and Mr. Ip Shu Kwan, Stephen. The company also reshuffled the leadership and membership of its four key board committees — Audit, Remuneration, Nomination and Executive — with Mr. Sun Po Yuen taking the chair of the Audit Committee, Mr. Fan Chun Wah, Andrew chairing the Remuneration Committee, and Mr. Wong Wai Yue chairing both the Nomination and Executive Committees, reflecting an updated governance structure as the group enters 2026.

The most recent analyst rating on (HK:1982) stock is a Hold with a HK$1.00 price target. To see the full list of analyst forecasts on Nameson Holdings Ltd. stock, see the HK:1982 Stock Forecast page.