Forward Fashion (International) Holdings Company Limited (HK:2528)
:2528
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Forward Fashion (International) Holdings Company Limited
(2528)
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Rating:49Neutral
Price Target:
HK$0.32
▲(13.57% Upside)
Action:ReiteratedDate:01/28/26
The score is held down primarily by weak financial performance (shrinking revenue, deeper losses, higher leverage, and cash flow pressure). Technical indicators are comparatively stronger with price trading above key moving averages and a positive MACD, but valuation remains challenged due to losses (negative P/E) and no dividend data.
Positive Factors
Stable Equity Ratio
Despite rising leverage, a stable equity ratio indicates the company still retains a capital buffer on its balance sheet. That structural stability supports creditors’ and suppliers’ confidence and provides some runway to execute turnaround measures over the next several months.
Negative Factors
Declining Revenue
A multi-percent revenue decline reflects weakening demand or market share loss in apparel retail. Reduced top-line scale pressures gross margins, limits operating leverage, and makes it harder to cover fixed costs—an enduring headwind unless product or distribution strategy is rebuilt.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable Equity Ratio
Despite rising leverage, a stable equity ratio indicates the company still retains a capital buffer on its balance sheet. That structural stability supports creditors’ and suppliers’ confidence and provides some runway to execute turnaround measures over the next several months.
Read all positive factors
Forward Fashion (International) Holdings Company Limited (2528) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$160.00M
Dividend YieldN/A
Average Volume (3M)341.67K
Price to Earnings (P/E)2.7
Beta (1Y)0.24
Revenue Growth-5.89%
EPS Growth71.06%
CountryHK
Employees1,138
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.12
Shares Outstanding400,000,000
10 Day Avg. Volume711,200
30 Day Avg. Volume341,666
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.59
Price to Sales (P/S)0.09
P/FCF Ratio1.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Forward Fashion (International) Holdings Company Limited Business Overview & Revenue Model
Company Description
Forward Fashion (International) Holdings Company Limited engages in the retail of fashion apparel in Macau, Mainland China, Hong Kong, Taiwan, and internationally. It operates own brand stores under the UM, UM Junior, UM.IXOX, IXOX, and WF Fashion...
How the Company Makes Money
The company generates revenue through multiple streams, primarily from the sale of apparel and accessories under its proprietary brands and through partnerships with other fashion labels. Key revenue streams include direct retail sales, wholesale ...
Forward Fashion (International) Holdings Company Limited Financial Statement Overview
Summary
Income Statement
40
Negative
Balance Sheet
55
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 913.60M | 938.32M | 1.01B | 959.90M | 1.23B | 884.46M |
| Gross Profit | 440.31M | 420.77M | 467.81M | 454.24M | 651.12M | 396.29M |
| EBITDA | 39.64M | -27.82M | 165.94M | 170.40M | 303.72M | 187.82M |
| Net Income | -17.75M | -76.89M | -16.85M | -33.14M | 32.16M | -131.14M |
Balance Sheet | ||||||
| Total Assets | 719.13M | 822.45M | 912.17M | 910.46M | 1.13B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 103.81M | 82.53M | 119.60M | 137.93M | 212.11M | 299.67M |
| Total Debt | 365.21M | 311.49M | 265.64M | 252.25M | 555.58M | 630.95M |
| Total Liabilities | 582.57M | 691.20M | 693.52M | 668.88M | 829.74M | 1.02B |
| Stockholders Equity | 155.70M | 149.15M | 228.81M | 248.98M | 304.48M | 267.99M |
Cash Flow | ||||||
| Free Cash Flow | 125.44M | 82.15M | 162.25M | 162.28M | 171.71M | 349.39M |
| Operating Cash Flow | 164.05M | 120.17M | 220.05M | 230.22M | 213.99M | 382.43M |
| Investing Cash Flow | -37.80M | -14.84M | -41.65M | -40.92M | -30.45M | -125.68M |
| Financing Cash Flow | -106.21M | -132.69M | -175.40M | -237.85M | -275.62M | -116.00M |
Forward Fashion (International) Holdings Company Limited Technical Analysis
Positive
0.28
Price Trends
0.34
Positive
0.31
Positive
0.28
Positive
Market Momentum
0.02
Negative
59.70
Neutral
77.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2528, the sentiment is Positive. The current price of 0.28 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.34, and above the 200-day MA of 0.28, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 59.70 is Neutral, neither overbought nor oversold. The STOCH value of 77.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2528.
Forward Fashion (International) Holdings Company Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$83.40M | -4.24 | 4.49% | ― | -1.14% | ― | |
62 Neutral | HK$2.36B | 10.65 | 10.57% | 9.18% | 3.78% | -21.19% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | HK$157.57M | -61.60 | -5.53% | 10.75% | -23.76% | -9785.71% | |
54 Neutral | HK$266.00M | 2.79 | 4.46% | ― | -7.95% | 98.95% | |
49 Neutral | HK$160.00M | 2.75 | -11.64% | ― | -5.89% | 71.06% | |
43 Neutral | HK$229.30M | 3.33 | ― | ― | ― | ― |
* Consumer Cyclical Sector Average
HK:2528
Forward Fashion (International) Holdings Company Limited
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Forward Fashion (International) Holdings Company Limited Corporate Events
Forward Fashion Expands Neil Barrett Distribution Agreement
Dec 1, 2025
Forward Fashion (International) Holdings Company Limited announced additional information regarding its Cooperation Agreement with Twelve S.A. and White S.R.L. for the distribution of Neil Barrett products in Macau and the PRC. The agreement invol...
Forward Fashion Announces Property Disposal in Macau
Nov 14, 2025
Forward Fashion (International) Holdings Company Limited announced the disposal of an industrial property in Macau for HK$15.0 million. The transaction, classified as a discloseable transaction under the Listing Rules, was not announced in a timel...
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.