Forward Fashion (International) Holdings Company Limited (2528) AI Stock Analysis

• Market Cap: HK$96.00M
• Dividend Yield: N/A
• Average Volume (3M): 341.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.24
• Revenue Growth: -5.89%
• EPS Growth: 71.06%
• Country: HK
• Employees: 1,138
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 0.02
• Shares Outstanding: 400,000,000
• 10 Day Avg. Volume: 711,200
• 30 Day Avg. Volume: 341,666
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 0.09
• P/FCF Ratio: 1.07
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 46 Neutral
• Price Target: HK$0.00 ▼(-100.00% Downside)

The overall stock score reflects significant financial challenges, with declining revenue and profitability, increased leverage, and weak cash flow. Technical analysis provides mixed signals, and valuation metrics suggest potential overvaluation. The absence of earnings call data and corporate events limits further insights.

Forward Fashion (International) Holdings Company Limited Business Overview & Revenue Model

Company Description

Forward Fashion (International) Holdings Company Limited (2528) is a Hong Kong-based company primarily engaged in the fashion retail industry. It operates in the design, manufacturing, and sale of a diverse range of apparel and accessories, catering to both local and international markets. The company focuses on providing trendy and high-quality fashion products, often targeting younger demographics through various retail channels, including online platforms and brick-and-mortar stores.

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 distribution to third-party retailers, and e-commerce sales through its online platforms. Forward Fashion also benefits from strategic partnerships with international brands, enhancing its product offerings and expanding its market reach. Seasonal collections and promotional events further drive sales, contributing significantly to the company's earnings. Additionally, effective supply chain management and cost control measures help maintain profitability.

Forward Fashion (International) Holdings Company Limited Financial Statement Overview

Summary

The company's financial performance is under pressure, with declining revenue and profitability, increased leverage, and weak cash flow generation. These factors indicate significant financial headwinds.

Income Statement

The company's income statement shows declining revenue and profitability. Revenue decreased by 6.4% from 2023 to 2024, and net profit margin fell from -1.67% to -8.19%. EBIT and EBITDA margins have also deteriorated, indicating operational challenges.

Balance Sheet

The balance sheet indicates a moderate financial position. The debt-to-equity ratio increased from 1.16 in 2023 to 2.09 in 2024, reflecting higher leverage. However, the equity ratio remained stable, suggesting some degree of balance.

Cash Flow

Cash flow analysis reveals significant challenges. Operating cash flow dropped to zero in 2024 from positive levels in 2023, and free cash flow turned negative, suggesting cash generation issues that could impact financial flexibility.

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	130.46M	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

• Technical Analysis Sentiment: Neutral
• Last Price: 0.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2528, the sentiment is Neutral. The current price of 0.24 is above the 20-day moving average (MA) of 0.23, below the 50-day MA of 0.25, and below the 200-day MA of 0.24, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 53.47 is Neutral, neither overbought nor oversold. The STOCH value of 86.76 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2528.

Forward Fashion (International) Holdings Company Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0709	71 Outperform	HK$2.42B	11.17	10.57%	9.00%	3.78%	-21.19%
0483	69 Neutral	HK$106.54M	9.12	6.87%	―	0.78%	863.64%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
1817	54 Neutral	HK$342.00M	9.47	4.51%	―	-7.95%	98.95%
0375	51 Neutral	HK$174.16M	685.71	-5.47%	9.43%	-25.41%	-361.49%
2528	46 Neutral	HK$96.00M	―	-10.66%	―	-5.89%	71.06%
0330	40 Underperform	$370.84M	―	―	―	―	―

Forward Fashion (International) Holdings Company Limited Corporate Events

Forward Fashion Announces Relocation of Hong Kong Office

Forward Fashion (International) Holdings Company Limited has announced a change in the address of its principal place of business in Hong Kong, effective from September 5, 2025. This relocation may impact the company’s operational logistics but will not affect its main communication channels, as the telephone, facsimile numbers, and website remain unchanged.

Forward Fashion Reports Turnaround with Interim Profit for 2025

Forward Fashion (International) Holdings Company Limited announced its unaudited interim results for the six months ended June 30, 2025. The company reported a revenue of HKD 443.64 million, a decrease from the previous year’s HKD 468.36 million. However, the company turned around its financial performance by achieving a profit of HKD 7.03 million compared to a loss of HKD 54.70 million in the same period last year. This improvement is attributed to reduced selling, marketing, and administrative expenses. The company’s current ratio improved to 1.35, indicating better short-term financial health, while the gearing ratio remained stable at 0.65. These results suggest a positive shift in the company’s operational efficiency and financial stability.

Forward Fashion Reschedules Board Meeting to August 29, 2025

Forward Fashion (International) Holdings Company Limited has announced a change in the date of its upcoming Board meeting. Originally scheduled for August 27, 2025, the meeting will now take place on August 29, 2025, due to internal arrangements. This meeting is significant as it will involve the consideration and approval of the company’s unaudited interim results for the first half of 2025 and the potential declaration of an interim dividend.

Forward Fashion Expects Turnaround with HK$7 Million Profit

Forward Fashion (International) Holdings Company Limited has announced a significant financial turnaround, expecting a net profit of at least HK$7 million for the first half of 2025, compared to a net loss of approximately HK$54.7 million in the same period of 2024. This improvement is attributed to the closure of underperforming stores and stringent cost control measures, although the retail environment remains challenging. The company plans to continue adapting its strategies in response to market trends and economic conditions.

Forward Fashion to Review Interim Results and Dividend

Forward Fashion (International) Holdings Company Limited has announced a board meeting scheduled for August 27, 2025, to consider and approve the unaudited interim results for the first half of 2025 and discuss the potential payment of an interim dividend. This meeting is significant for stakeholders as it will provide insights into the company’s financial performance and potential shareholder returns.