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Crystal International Group Limited
(2232)
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Rating:80Outperform
Price Target:
HK$9.00
▲(41.73% Upside)
Action:Reiterated
Date:08/21/26
The score is driven primarily by strong financial health (especially the low-debt balance sheet and improved profitability) and supportive technical uptrend. This is tempered by inconsistent cash-flow quality and overbought technical signals that may raise short-term volatility, while valuation and dividend yield are supportive but not a standout catalyst.
Positive Factors
Low Leverage
Debt-to-equity of about 0.03 in 2025, down from 0.11 in 2024, leaves Crystal with substantial flexibility to withstand operating swings and fund production or growth without relying heavily on external financing. Growing equity and ROE reinforce balance-sheet resilience.
Negative Factors
Uneven Cash Conversion
Free cash flow swung from solid positives in 2022–2023 to slightly negative in 2024 and only 124M in 2025, covering less than half of net income. Persistently uneven conversion could constrain internally funded investment and make reported earnings less dependable as a cash resource.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Debt-to-equity of about 0.03 in 2025, down from 0.11 in 2024, leaves Crystal with substantial flexibility to withstand operating swings and fund production or growth without relying heavily on external financing. Growing equity and ROE reinforce balance-sheet resilience.
Read all positive factors
Crystal International Group Limited (2232) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$21.97B
Dividend Yield5.52%
Average Volume (3M)2.66M
Price to Earnings (P/E)11.9
Beta (1Y)0.80
Revenue Growth4.21%
EPS Growth9.77%
CountryHK
Employees87,000
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)0.08
Shares Outstanding2,852,822,000
10 Day Avg. Volume4,142,882
30 Day Avg. Volume2,655,328
Financial Highlights & Ratios
PEG Ratio0.92
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$8.48Price Target Upside33.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.09
Revenue Forecast (FY)HK$2.88B
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 Group Limited primarily makes money by manufacturing garments for brand and retail customers under sourcing/manufacturing contracts, earning revenue from the sale of finished apparel products produced in its factories. Key re...
Crystal International Group Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.70B | 2.64B | 2.47B | 2.18B | 2.49B | 2.34B |
| Gross Profit | 534.06M | 523.57M | 486.22M | 417.78M | 477.62M | 447.61M |
| EBITDA | 370.65M | 352.58M | 314.35M | 261.47M | 310.64M | 275.98M |
| Net Income | 234.81M | 224.66M | 200.50M | 163.48M | 172.73M | 163.11M |
Balance Sheet | ||||||
| Total Assets | 2.40B | 2.18B | 2.25B | 1.97B | 1.89B | 1.96B |
| Cash, Cash Equivalents and Short-Term Investments | 462.19M | 382.26M | 573.46M | 607.14M | 455.06M | 401.27M |
| Total Debt | 51.14M | 39.93M | 174.70M | 89.89M | 132.52M | 198.43M |
| Total Liabilities | 761.51M | 573.21M | 719.01M | 535.66M | 549.67M | 666.18M |
| Stockholders Equity | 1.64B | 1.61B | 1.53B | 1.43B | 1.34B | 1.29B |
Cash Flow | ||||||
| Free Cash Flow | 84.25M | 123.74M | -3.25M | 269.05M | 257.40M | 124.46M |
| Operating Cash Flow | 273.25M | 270.19M | 105.54M | 312.97M | 349.15M | 189.86M |
| Investing Cash Flow | -70.52M | 1.97M | -167.93M | -88.42M | -135.48M | -84.99M |
| Financing Cash Flow | -271.06M | -315.96M | -53.85M | -134.74M | -144.58M | -93.71M |
Crystal International Group Limited Technical Analysis
Positive
6.35
Price Trends
6.95
Positive
6.47
Positive
6.35
Positive
Market Momentum
0.27
Negative
62.00
Neutral
59.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2232, the sentiment is Positive. The current price of 6.35 is below the 20-day moving average (MA) of 7.26, below the 50-day MA of 6.95, and below the 200-day MA of 6.35, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 62.00 is Neutral, neither overbought nor oversold. The STOCH value of 59.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$21.97B | 11.88 | 14.47% | 5.52% | 4.21% | 9.77% | |
62 Neutral | HK$57.57B | 10.80 | 12.10% | 5.43% | 1.86% | -27.58% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$3.14B | 11.15 | 9.33% | 6.24% | -1.56% | 53.99% | |
58 Neutral | HK$341.26M | 4.05 | 6.65% | 7.61% | 0.41% | ― | |
56 Neutral | HK$1.06B | 6.58 | 3.28% | 13.07% | -7.87% | 38.45% | |
48 Neutral | HK$1.09B | 13.34 | 2.83% | 8.81% | -0.86% | -50.37% |
* Consumer Cyclical Sector Average
HK:2232
Crystal International Group Limited
7.70
1.31
20.52%
HK:1382
Pacific Textiles Holdings
0.80
-0.57
-41.72%
HK:2313
Shenzhou International Group Holdings
38.30
-25.56
-40.03%
HK:0321
Texwinca Holdings
0.77
0.06
7.90%
HK:0311
Luen Thai Holdings Limited
0.33
0.11
48.65%
HK:2199
Regina Miracle International (Holdings) Limited
2.57
0.66
34.93%
Crystal International Group Limited Corporate Events
Crystal International Tightens Controls After Factoring Disclosure Lapse
Sep 15, 2026
Crystal International Group Limited has issued a supplemental announcement detailing internal control deficiencies related to its factoring programmes for customers’ receivables and past non-compliance with Hong Kong Listing Rules. The compa...
Crystal International Declares HKD 0.18 Interim Dividend for First Half of 2026
Aug 19, 2026
Crystal International Group Limited has announced an interim ordinary cash dividend of HKD 0.18 per share for the six months ended 30 June 2026, relating to the financial year ending 31 December 2026. The announcement underscores the company’...
Crystal International lifts interim profit and dividend on stronger apparel demand
Aug 19, 2026
Crystal International Group Limited, a major Hong Kong-based apparel manufacturer incorporated in Bermuda and registered in the Cayman Islands, reported improved interim financial results for the six months ended 30 June 2026. The group, which sup...
Crystal International Sets August Board Meeting to Approve Interim Results
Aug 3, 2026
Crystal International Group Limited has scheduled a board meeting for 19 August 2026 to review and approve its interim results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend, signaling po...
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.