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Stella International Holdings Limited
(1836)
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Rating:75Outperform
Price Target:
HK$15.00
â–¼(-2.09% Downside)
Action:Reiterated
Date:08/22/26
The score is driven primarily by strong financial performance—especially the very low-leverage balance sheet and solid multi-year recovery—tempered by weaker 2025 cash conversion and some margin step-down. Valuation is supportive (low P/E and very high dividend yield), while technicals are only moderate due to the stock trading below major moving averages despite mostly neutral momentum indicators.
Positive Factors
Very low leverage
Exceptionally low leverage limits refinancing and downturn risk, while the sizable, stable equity base supports resilience and gives Stella financial flexibility to sustain operations through industry cycles.
Negative Factors
Margin compression
The year-on-year margin step-down signals cost or pricing pressure in contract manufacturing. If sustained, weaker profitability could limit earnings growth even while footwear volumes and revenue continue expanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Exceptionally low leverage limits refinancing and downturn risk, while the sizable, stable equity base supports resilience and gives Stella financial flexibility to sustain operations through industry cycles.
Read all positive factors
Stella International Holdings Limited (1836) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$9.85B
Dividend Yield11.47%
Average Volume (3M)1.40M
Price to Earnings (P/E)10.1
Beta (1Y)0.23
Revenue Growth2.33%
EPS Growth-22.20%
CountryHK
Employees44,700
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)0.15
Shares Outstanding844,496,500
10 Day Avg. Volume1,554,287
30 Day Avg. Volume1,401,200
Financial Highlights & Ratios
PEG Ratio-0.59
Price to Book (P/B)1.48
Price to Sales (P/S)1.04
P/FCF Ratio14.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$14.93Price Target Upside-2.53% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.15
Revenue Forecast (FY)HK$1.57B
Stella International Holdings Limited Business Overview & Revenue Model
Company Description
Stella International Holdings Limited is a globally active company primarily engaged in the conceptualization, development, production, and sale of footwear and leather accessories. Its market reach spans North America, the People's Republic of Ch...
How the Company Makes Money
Stella International primarily makes money by manufacturing footwear for its customers and recognizing revenue from the sale of finished footwear products produced under customer orders. Its core revenue stream is derived from contract-based footw...
Stella International Holdings Limited Earnings Call Summary
Earnings Call Date:Mar 21, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Mar 18, 2027
Earnings Call Sentiment Neutral
The earnings call highlighted solid performance in the fourth quarter, with increased revenue and shipment volumes. The company is focusing on operational efficiency and has a strong order book for 2024. However, there are challenges such as a decline in annual revenue, issues in the retail segment, and a weaker luxury market. Overall, the highlights and expectations for efficiency improvements and full order books for 2024 create a balanced sentiment.Positive Updates
Fourth Quarter Revenue Increase
The group's unaudited consolidated revenue increased by 13.5% to $389.5 million for the fourth quarter of 2023.
Negative Updates
Annual Revenue Decline
For the year ended 31st December 2023, the group's unaudited consolidated revenue decreased by approximately 8.5% to $1,492.7 million.
Read all updates
Q4-2023 Updates
Positive
Negative
Fourth Quarter Revenue Increase
The group's unaudited consolidated revenue increased by 13.5% to $389.5 million for the fourth quarter of 2023.
Read all positive updates
Company Guidance
During the earnings call for Stella International Holdings Limited, the company provided detailed guidance for the fourth quarter and the full year of 2023. The group's unaudited consolidated revenue for the fourth quarter increased by 13.5% to $389.5 million, while the full year revenue decreased by 8.5% to $1,492.7 million. The manufacturing business experienced a similar pattern, with a 13.5% revenue increase in the fourth quarter to $380.3 million and an 8.9% decrease for the full year to $1,044.3 million. Shipment volumes rose by 10.9% year-on-year in the fourth quarter but fell by 12.5% for the year. The average selling price (ASP) saw an increase of 2.1% in the fourth quarter and 4.2% for the year, attributed to changes in the customer and product mix. The company remains optimistic about its medium-term goals, aiming for a 10% operating margin and a low teens annualized growth rate in profit after tax over its three-year plan. For 2024, the company anticipates volume growth to be flat to mid-single digits, with ASP likely remaining flat, supported by gross margin improvements, better production efficiency, and cost controls.Stella International Holdings Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.58B | 1.57B | 1.55B | 1.49B | 1.63B | 1.54B |
| Gross Profit | 326.61M | 342.33M | 383.96M | 366.73M | 352.13M | 316.85M |
| EBITDA | 182.46M | 198.90M | 220.01M | 218.50M | 192.62M | 160.62M |
| Net Income | 123.24M | 137.99M | 171.05M | 141.07M | 118.03M | 89.69M |
Balance Sheet | ||||||
| Total Assets | 1.39B | 1.44B | 1.42B | 1.36B | 1.26B | 1.30B |
| Cash, Cash Equivalents and Short-Term Investments | 210.19M | 373.24M | 423.55M | 294.48M | 213.65M | 135.69M |
| Total Debt | 26.93M | 16.33M | 12.00M | 15.24M | 22.17M | 29.00M |
| Total Liabilities | 302.65M | 329.57M | 305.83M | 292.24M | 242.13M | 281.49M |
| Stockholders Equity | 1.08B | 1.10B | 1.10B | 1.05B | 998.86M | 998.60M |
Cash Flow | ||||||
| Free Cash Flow | 30.16M | 115.97M | 197.09M | 161.51M | 182.14M | 64.55M |
| Operating Cash Flow | 152.41M | 207.31M | 264.07M | 229.15M | 240.08M | 120.26M |
| Investing Cash Flow | -105.50M | -95.25M | -31.35M | -56.57M | -53.77M | -71.35M |
| Financing Cash Flow | -186.86M | -155.95M | -102.64M | -90.79M | -106.41M | -22.62M |
Stella International Holdings Limited Technical Analysis
Negative
15.32
Price Trends
12.89
Negative
13.02
Negative
13.34
Negative
Market Momentum
-0.44
Positive
26.20
Positive
13.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1836, the sentiment is Negative. The current price of 15.32 is above the 20-day moving average (MA) of 12.60, above the 50-day MA of 12.89, and above the 200-day MA of 13.34, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 26.20 is Positive, neither overbought nor oversold. The STOCH value of 13.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1836.
Stella International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$9.85B | 5.83 | 12.73% | 7.44% | 13.07% | 17.56% | |
77 Outperform | HK$22.03B | 7.26 | 6.60% | 9.89% | -3.17% | -24.14% | |
75 Outperform | HK$9.85B | 10.09 | 11.35% | 11.47% | 2.33% | -22.20% | |
74 Outperform | HK$613.37M | 5.16 | 11.96% | 6.67% | 1.49% | -9.08% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | HK$457.28M | -4.45 | -6.20% | 12.77% | -1.47% | -420.10% | |
52 Neutral | HK$263.10M | -3.75 | -6.97% | 12.61% | -2.99% | -111.29% |
* Consumer Cyclical Sector Average
HK:1836
Stella International Holdings Limited
11.77
-2.01
-14.59%
HK:0210
Daphne International Holdings
0.30
-0.17
-36.58%
HK:1170
Kingmaker Footwear Holdings
0.40
-0.08
-17.36%
HK:1361
361 Degrees International
4.50
-1.13
-20.13%
HK:0551
Yue Yuen Industrial (Holdings)
13.69
1.43
11.66%
HK:1023
Sitoy Group Holdings Limited
0.47
>-0.01
-0.42%
Stella International Holdings Limited Corporate Events
Stella International Posts Flat Revenue as Investment Year Pressures Profits
Aug 20, 2026
Stella International Holdings Limited reported a modest 1.5% increase in revenue to US$786.7 million for the six months ended 30 June 2026, while operating profit fell to US$74.3 million and net profit declined to US$63.6 million amid higher costs...
Stella International Declares Interim Dividend for First Half of 2026
Aug 20, 2026
Stella International Holdings Limited is a Hong Kong-listed footwear manufacturer that produces shoes and related products for global brands, serving international markets as an equity issuer under stock code 01836. The company’s operations ...
Stella International Posts Modest Revenue Growth as It Invests in New Asian Capacity
Jul 16, 2026
Stella International reported modest top-line growth for the second quarter of 2026, with unaudited consolidated revenue rising 1.2% year-on-year to US$449.3 million, and first-half revenue up 1.5% to US$786.7 million. In its core footwear manufac...
Stella International Sets August Board Meeting to Review Interim Results
Jul 16, 2026
Stella International Holdings Limited has scheduled a board meeting for 20 August 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend, signaling ...
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.