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Top Form International Limited
(0333)
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Rating:41Neutral
Price Target:
HK$0.18
▼(-10.00% Downside)
Action:Reiterated
Date:10/28/26
The score is primarily constrained by weak financial performance—renewed and deepening losses, rising leverage as equity declines, and significant cash burn in 2026. Technical indicators add a modest negative tilt with the stock trading below key moving averages and only muted momentum signals. Valuation remains challenged because the company is loss-making (negative P/E) and no dividend yield is available to offset fundamentals risk.
Positive Factors
Integrated Manufacturing Model
The design-to-production model gives Top Form an integrated role across apparel development and manufacturing for branded customers. This breadth can support customer retention and operational relevance over the medium term, provided the company can restore profitability and convert its capabilities into stronger demand.
Negative Factors
Renewed Losses and Revenue Decline
The return to sizable and deepening losses after near break-even performance in 2024 signals that the core business has not yet achieved durable earnings stability. The accompanying 2026 revenue decline reduces operating leverage and makes a near-term recovery more dependent on reversing demand and margin pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated Manufacturing Model
The design-to-production model gives Top Form an integrated role across apparel development and manufacturing for branded customers. This breadth can support customer retention and operational relevance over the medium term, provided the company can restore profitability and convert its capabilities into stronger demand.
Read all positive factors
Top Form International Limited (0333) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$56.60M
Dividend Yield5.75%
Average Volume (3M)40.57K
Price to Earnings (P/E)―
Beta (1Y)0.19
Revenue Growth-17.26%
EPS Growth-176.64%
CountryHK
Employees6,498
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)-0.30
Shares Outstanding301,052,670
10 Day Avg. Volume71,600
30 Day Avg. Volume40,573
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.22
Price to Sales (P/S)0.06
P/FCF Ratio-0.81
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
Top Form International Limited Business Overview & Revenue Model
Company Description
Top Form International Limited functions as an investment holding entity primarily dedicated to the conceptualization, production, and global sale of women's intimate wear. Its product line encompasses brassieres, ladies' undergarments, and seamle...
Top Form International Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
41
Neutral
Cash Flow
27
Negative
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.01B | 1.22B | 1.13B | 1.01B | 1.48B |
| Gross Profit | 184.94M | 241.97M | 255.49M | 175.34M | 273.93M |
| EBITDA | -51.53M | 32.66M | 56.81M | -22.15M | 68.42M |
| Net Income | -90.20M | -32.61M | -2.21M | -84.73M | 3.55M |
Balance Sheet | |||||
| Total Assets | 738.75M | 771.82M | 803.36M | 800.53M | 898.42M |
| Cash, Cash Equivalents and Short-Term Investments | 57.29M | 90.54M | 102.26M | 112.13M | 136.49M |
| Total Debt | 175.57M | 120.21M | 117.23M | 152.96M | 141.76M |
| Total Liabilities | 441.01M | 386.71M | 407.32M | 380.71M | 391.10M |
| Stockholders Equity | 266.20M | 356.47M | 374.62M | 373.00M | 466.86M |
Cash Flow | |||||
| Free Cash Flow | -71.15M | -1.49M | 47.96M | -7.09M | 42.59M |
| Operating Cash Flow | -63.91M | 11.55M | 60.71M | 23.00M | 70.12M |
| Investing Cash Flow | -7.12M | -19.57M | -5.21M | -29.03M | -25.47M |
| Financing Cash Flow | 39.09M | -6.94M | -64.25M | -18.06M | 4.75M |
Top Form International Limited Technical Analysis
Negative
0.20
Price Trends
0.19
Negative
0.19
Negative
0.21
Negative
Market Momentum
>-0.01
Positive
48.76
Neutral
24.24
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 0.2 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.19, and below the 200-day MA of 0.21, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.76 is Neutral, neither overbought nor oversold. The STOCH value of 24.24 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$548.36M | 3.74 | 5.83% | 6.40% | -1.84% | 29.22% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$3.09B | 10.98 | 9.33% | 6.34% | -1.56% | 53.99% | |
58 Neutral | HK$346.43M | 4.11 | 6.65% | 7.49% | 0.41% | ― | |
50 Neutral | HK$250.46M | -1.85 | -10.95% | 4.00% | -16.20% | -324.90% | |
48 Neutral | HK$1.09B | 13.26 | 2.83% | 8.86% | -0.86% | -50.37% | |
41 Neutral | HK$56.60M | -0.63 | -30.80% | 5.75% | -17.26% | -176.64% |
* Consumer Cyclical Sector Average
HK:0333
Top Form International Limited
0.19
-0.13
-40.94%
HK:1382
Pacific Textiles Holdings
0.80
-0.57
-41.72%
HK:0311
Luen Thai Holdings Limited
0.33
0.11
48.65%
HK:3322
Win Hanverky Holdings Limited
0.19
-0.01
-5.00%
HK:2199
Regina Miracle International (Holdings) Limited
2.57
0.66
34.93%
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Cosmo Lady (China) Holdings Co. Ltd.
0.26
-0.08
-24.78%
Top Form International Limited Corporate Events
Top Form Calls 2026 AGM, Seeks Fresh Share Issue Mandate
Oct 23, 2026
Top Form International Limited has called its annual general meeting for 26 November 2026 in Hong Kong, where shareholders will review the audited consolidated financial statements for the year ended 30 June 2026 and receive reports from the board...
Top Form International Posts Sharply Wider Annual Loss as Revenue Declines
Sep 29, 2026
Top Form International reported a sharp deterioration in its financial performance for the year ended 30 June 2026, with revenue falling to HK$1,005.9 million from HK$1,215.7 million and gross profit declining accordingly. The combination of weake...
Top Form Secures US$3 Million Shareholder Loan on Exempt Connected Terms
Sep 29, 2026
Top Form International has secured an unsecured loan facility of up to US$3 million from its chairman and substantial shareholder, Mr. Wong, through subsidiary TFB. The facility carries interest at SOFR plus 2 percentage points, is available for d...
Top Form Schedules Board Meeting to Approve Annual Results and Consider Final Dividend
Sep 15, 2026
Top Form International Limited has scheduled a board meeting for 29 September 2026 to review and approve the Group’s annual results for the financial year ended 30 June 2026. The board will also consider whether to recommend a final dividend...
Top Form weighs disposal of Shenzhen property and apparel consultancy subsidiary
Sep 2, 2026
Top Form International Limited has announced that it is exploring a potential disposal of its entire interest in Shenzhen Top Form Underwear Co., Limited, alongside Shenzhen Textile (Holdings) Co., Limited, which together hold 100 percent of the e...
Top Form flags wider annual loss on weaker orders and impairments
Aug 31, 2026
Top Form International has warned that it expects a net loss of up to HK$90 million for the year ended 30 June 2026, widening sharply from a HK$28 million loss a year earlier. The company attributed the deterioration to a notable revenue decline d...
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.