Crystal International Group Limited (HK:2232)
:2232
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Crystal International Group Limited
(2232)
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Rating:73Outperform
Price Target:
HK$7.00
▲(10.24% Upside)
Action:Reiterated
Date:04/25/26
The score is driven primarily by strong financial health (especially low leverage and improved profitability) and supportive valuation (moderate P/E with a high dividend yield). These positives are partly offset by weaker technical signals, with the stock trading below key moving averages and negative MACD momentum.
Positive Factors
Very low leverage and growing equity
Extremely low leverage and rising equity provide durable financial flexibility. This reduces refinancing risk, supports capex or factory investments during downturns, and enables the group to absorb order volatility from cyclical apparel demand without sacrificing strategic investments.
Negative Factors
Uneven cash generation and weak cash conversion
Inconsistent operating cash flows and FCF that covers under half of net income constrain self‑funding capacity for capex, working capital and shareholder returns. Persistent variability raises execution risk and limits buffer against industry shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage and growing equity
Extremely low leverage and rising equity provide durable financial flexibility. This reduces refinancing risk, supports capex or factory investments during downturns, and enables the group to absorb order volatility from cyclical apparel demand without sacrificing strategic investments.
Read all positive factors
Crystal International Group Limited (2232) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$17.06B
Dividend Yield5.87%
Average Volume (3M)3.52M
Price to Earnings (P/E)9.7
Beta (1Y)0.60
Revenue Growth6.88%
EPS Growth11.98%
CountryHK
Employees75,000
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)0.07
Shares Outstanding2,852,822,000
10 Day Avg. Volume3,417,507
30 Day Avg. Volume3,523,036
Financial Highlights & Ratios
PEG Ratio0.91
Price to Book (P/B)1.53
Price to Sales (P/S)0.93
P/FCF Ratio19.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$7.95Price Target Upside25.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.09
Revenue Forecast (FY)HK$2.87B
Crystal International Group Limited Business Overview & Revenue Model
Company Description
Crystal International Group Limited operates as an investment holding company focusing on the global production and distribution of various clothing items. Its operations extend across the Asia Pacific region, the United States, Europe, and other ...
How the Company Makes Money
Crystal International primarily makes money by manufacturing garments for third-party brands and retailers under a contract/outsourcing model, earning revenue from the sale of finished apparel products to its customers. Its key revenue streams are...
Crystal International Group Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.64B | 2.47B | 2.18B | 2.49B | 2.34B |
| Gross Profit | 523.57M | 486.22M | 417.78M | 477.62M | 447.61M |
| EBITDA | 331.58M | 300.88M | 248.03M | 295.71M | 260.81M |
| Net Income | 224.66M | 200.50M | 163.48M | 172.73M | 163.11M |
Balance Sheet | |||||
| Total Assets | 2.18B | 2.25B | 1.97B | 1.89B | 1.96B |
| Cash, Cash Equivalents and Short-Term Investments | 382.26M | 573.46M | 607.14M | 455.06M | 401.27M |
| Total Debt | 39.93M | 174.70M | 89.89M | 132.52M | 198.43M |
| Total Liabilities | 573.21M | 719.01M | 535.66M | 549.67M | 666.18M |
| Stockholders Equity | 1.61B | 1.53B | 1.43B | 1.34B | 1.29B |
Cash Flow | |||||
| Free Cash Flow | 123.74M | -3.25M | 269.05M | 257.40M | 124.46M |
| Operating Cash Flow | 270.19M | 105.54M | 312.97M | 349.15M | 189.86M |
| Investing Cash Flow | 1.97M | -167.93M | -88.42M | -135.48M | -84.99M |
| Financing Cash Flow | -315.96M | -53.85M | -134.74M | -144.58M | -93.71M |
Crystal International Group Limited Technical Analysis
Negative
6.35
Price Trends
6.20
Negative
6.66
Negative
6.76
Negative
Market Momentum
-0.05
Negative
43.07
Neutral
69.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2232, the sentiment is Negative. The current price of 6.35 is above the 20-day moving average (MA) of 6.05, above the 50-day MA of 6.20, and below the 200-day MA of 6.76, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 43.07 is Neutral, neither overbought nor oversold. The STOCH value of 69.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2232.
Crystal International Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$17.06B | 9.69 | 14.30% | 5.87% | 6.88% | 11.98% | |
71 Outperform | HK$65.24B | 9.69 | 15.53% | 4.31% | 8.19% | -6.72% | |
67 Neutral | HK$2.30B | 8.81 | 8.52% | 4.00% | 3.40% | 151.24% | |
64 Neutral | HK$294.72M | 8.33 | -14.53% | ― | -5.61% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$1.51B | 11.87 | 2.58% | 9.71% | -7.47% | -33.28% | |
59 Neutral | HK$1.53B | 10.93 | 4.73% | 8.06% | -2.44% | -5.98% |
* Consumer Cyclical Sector Average
HK:2232
Crystal International Group Limited
5.98
1.30
27.78%
HK:1382
Pacific Textiles Holdings
1.10
-0.11
-8.86%
HK:2313
Shenzhou International Group Holdings
43.40
-8.90
-17.02%
HK:0321
Texwinca Holdings
1.09
0.53
93.26%
HK:0311
Luen Thai Holdings Limited
0.29
0.13
83.87%
HK:2199
Regina Miracle International (Holdings) Limited
1.88
0.43
30.10%
Crystal International Group Limited Corporate Events
Crystal International Sets 2026 AGM to Approve Dividend, Director Slate and Share Buyback Mandate
Apr 23, 2026
Crystal International Group Limited has convened its annual general meeting for 29 May 2026 in Hong Kong, where shareholders will review the audited consolidated financial statements and consider a proposed final dividend of HK24.5 cents per share...
Crystal International Declares Final 2025 Dividend of HKD 0.245 Per Share
Mar 19, 2026
Crystal International Group Limited has declared a final ordinary dividend of HKD 0.245 per share for the financial year ended 31 December 2025, reinforcing its practice of returning cash to shareholders. The dividend, subject to shareholder appro...
Crystal International lifts 2025 profit and raises full-year dividend
Mar 19, 2026
Crystal International Group Limited reported audited consolidated results for the year ended 31 December 2025, posting revenue of US$2.64 billion, up from US$2.47 billion a year earlier. Net profit rose to US$225 million from US$201 million, suppo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.