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:71Outperform
Price Target:
HK$0.71
▲(152.50% Upside)
Action:Upgraded
Date:05/15/26
The score is driven primarily by the improving financial picture (2025 profitability rebound, better leverage, and strong cash generation) and strong technical uptrend (price above key moving averages with positive MACD). The low P/E supports the rating, while inconsistent revenue and a history of earnings/balance-sheet volatility, plus elevated RSI/Stoch, temper the overall score.
Positive Factors
2025 profitability rebound
A return to operating profit and net income in 2025 with improved margins indicates the core apparel business can generate sustainable operating earnings when conditions normalize. This enhances resilience, supports reinvestment and deleveraging, and increases the likelihood of durable cash generation over the next 2–6 months.
Negative Factors
Inconsistent and declining revenue
Sustained top-line decline and inconsistency undermine the durability of profits and make margin improvements fragile. If revenue contraction persists, fixed-cost absorption and scale advantages weaken, limiting long-term margin sustainability and the firm’s ability to consistently generate the cash flows needed for reinvestment or further deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 profitability rebound
A return to operating profit and net income in 2025 with improved margins indicates the core apparel business can generate sustainable operating earnings when conditions normalize. This enhances resilience, supports reinvestment and deleveraging, and increases the likelihood of durable cash generation over the next 2–6 months.
Read all positive factors
Forward Fashion (International) Holdings Company Limited (2528) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$264.00M
Dividend YieldN/A
Average Volume (3M)341.67K
Price to Earnings (P/E)1.9
Beta (1Y)0.31
Revenue Growth-7.26%
EPS GrowthN/A
CountryHK
Employees1,138
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.14
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)0.53
Price to Sales (P/S)0.13
P/FCF Ratio0.67
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
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Forward Fashion (International) Holdings Company Limited Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
54
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 870.17M | 938.32M | 1.01B | 959.90M | 1.23B |
| Gross Profit | 413.91M | 420.77M | 467.81M | 454.24M | 651.12M |
| EBITDA | 110.90M | -27.82M | 165.94M | 170.40M | 303.72M |
| Net Income | 57.67M | -76.89M | -16.85M | -33.14M | 32.16M |
Balance Sheet | |||||
| Total Assets | 673.32M | 822.45M | 912.17M | 910.46M | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 95.86M | 82.53M | 119.60M | 137.93M | 212.11M |
| Total Debt | 163.78M | 311.49M | 265.64M | 252.25M | 555.58M |
| Total Liabilities | 476.06M | 691.20M | 693.52M | 668.88M | 829.74M |
| Stockholders Equity | 212.77M | 149.15M | 228.81M | 248.98M | 304.48M |
Cash Flow | |||||
| Free Cash Flow | 166.80M | 82.15M | 162.25M | 162.28M | 171.71M |
| Operating Cash Flow | 198.33M | 120.17M | 220.05M | 230.22M | 213.99M |
| Investing Cash Flow | 18.23M | -14.84M | -41.65M | -40.92M | -30.45M |
| Financing Cash Flow | -174.09M | -132.69M | -175.40M | -237.85M | -275.62M |
Forward Fashion (International) Holdings Company Limited Technical Analysis
Positive
0.28
Price Trends
0.44
Positive
0.37
Positive
0.32
Positive
Market Momentum
0.06
Negative
81.01
Negative
83.33
Negative
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 0.52, below the 50-day MA of 0.44, and below the 200-day MA of 0.32, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 81.01 is Negative, neither overbought nor oversold. The STOCH value of 83.33 is Negative, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$264.00M | 1.94 | 31.30% | ― | -7.26% | ― | |
70 Outperform | HK$91.85M | -4.24 | 4.31% | ― | -1.14% | ― | |
68 Neutral | HK$2.42B | 10.67 | 10.57% | 9.18% | -1.66% | 0.45% | |
62 Neutral | HK$233.70M | 7.90 | 4.46% | ― | -9.35% | 3.09% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | HK$194.06M | -61.61 | -5.53% | 10.75% | -23.76% | -9785.71% | |
42 Neutral | HK$175.51M | -7.63 | ― | ― | ― | ― |
* Consumer Cyclical Sector Average
HK:2528
Forward Fashion (International) Holdings Company Limited
0.66
0.41
164.00%
HK:0330
Esprit Holdings
0.52
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0.18
13.77%
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Mulsanne Group Holding Limited
0.25
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Bauhaus International (Holdings) Ltd.
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Forward Fashion (International) Holdings Company Limited Corporate Events
Forward Fashion Sets 2026 AGM to Approve Results, Board Changes and Share Issuance Mandate
Apr 30, 2026
Forward Fashion (International) Holdings Company Limited has convened its 2026 annual general meeting for 5 June 2026 in Hong Kong, where shareholders will be asked to adopt the audited financial statements for the year ended 31 December 2025 and ...
Forward Fashion Plans Governance Overhaul with New Articles of Association
Apr 27, 2026
Forward Fashion (International) Holdings Company Limited plans to adopt a third amended and restated Articles of Association to align its corporate governance framework with updated Hong Kong listing rules. The move focuses on enabling electronic ...
Forward Fashion Returns to Profit Despite Revenue Decline in 2025
Mar 31, 2026
Forward Fashion (International) Holdings Company Limited, a Hong Kong-listed fashion retailer and brand operator, manages apparel and lifestyle labels across consumer markets through a group structure. The company’s performance is closely ti...
Forward Fashion Signals Profit Rebound on Cost Cuts and Store Closures
Mar 27, 2026
Forward Fashion (International) Holdings Company Limited has issued a positive profit alert, indicating it expects to post a net profit of at least HK$50 million for the year ended 31 December 2025, reversing a net loss of HK$85.1 million in 2024....
Forward Fashion Sets March Board Meeting to Approve 2025 Results and Consider Dividend
Mar 18, 2026
Forward Fashion (International) Holdings Company Limited has scheduled a board meeting for 31 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider whether to declare a final dividend...
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.