Want to see HK:2528 full AI Analyst Report?
Top Page
Forward Fashion (International) Holdings Company Limited
(2528)
Select Model
Select Model
Rating:67Neutral
Price Target:
HK$0.91
▲(225.36% Upside)
Action:Reiterated
Date:07/08/26
The score is driven mainly by improving fundamentals and solid cash generation in 2025, supported by a low P/E valuation. Technicals are positive with strong trend/momentum, but overbought readings and the company’s history of volatile results and declining revenue temper the overall rating.
Positive Factors
Strong free cash flow generation
Material FCF strength in 2025 and healthy conversion of earnings into cash indicate the business can self-fund working capital, investment and debt reduction. Durable cash generation improves financial flexibility through apparel cycles and supports strategic reinvestment.
Negative Factors
Inconsistent and declining revenue
Sustained top-line weakness undermines margin leverage and makes earnings less predictable. In apparel, persistent revenue declines constrain scale benefits, reduce pricing power, and limit the company’s ability to consistently convert margin strength into durable profit growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Material FCF strength in 2025 and healthy conversion of earnings into cash indicate the business can self-fund working capital, investment and debt reduction. Durable cash generation improves financial flexibility through apparel cycles and supports strategic reinvestment.
Read all positive factors
Forward Fashion (International) Holdings Company Limited (2528) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$356.00M
Dividend Yield4.1%
Average Volume (3M)56.60K
Price to Earnings (P/E)4.0
Beta (1Y)0.34
Revenue Growth-7.53%
EPS GrowthN/A
CountryHK
Employees954
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.22
Shares Outstanding400,000,000
10 Day Avg. Volume35,400
30 Day Avg. Volume56,600
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 operates within the retail sector, primarily focusing on fashion apparel. Its extensive operations cover Macau, Mainland China, Hong Kong, Taiwan, and various other international markets. Th...
How the Company Makes Money
null...
Forward Fashion (International) Holdings Company Limited Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
54
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 844.77M | 870.17M | 938.32M | 1.01B | 959.90M | 1.23B |
| Gross Profit | 409.50M | 413.91M | 420.77M | 467.81M | 454.24M | 651.12M |
| EBITDA | 170.65M | 110.90M | -27.82M | 165.94M | 170.40M | 303.72M |
| Net Income | 90.06M | 57.67M | -76.89M | -16.85M | -33.14M | 32.16M |
Balance Sheet | ||||||
| Total Assets | 606.65M | 673.32M | 822.45M | 912.17M | 910.46M | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 116.99M | 95.86M | 82.53M | 119.60M | 137.93M | 212.11M |
| Total Debt | 112.94M | 163.78M | 311.49M | 265.64M | 252.25M | 555.58M |
| Total Liabilities | 364.02M | 476.06M | 691.20M | 693.52M | 668.88M | 829.74M |
| Stockholders Equity | 261.44M | 212.77M | 149.15M | 228.81M | 248.98M | 304.48M |
Cash Flow | ||||||
| Free Cash Flow | 214.59M | 166.80M | 82.15M | 162.25M | 162.28M | 171.71M |
| Operating Cash Flow | 257.02M | 198.33M | 120.17M | 220.05M | 230.22M | 213.99M |
| Investing Cash Flow | -12.07M | 18.23M | -14.84M | -41.65M | -40.92M | -30.45M |
| Financing Cash Flow | -214.81M | -174.09M | -132.69M | -175.40M | -237.85M | -275.62M |
Forward Fashion (International) Holdings Company Limited Technical Analysis
Neutral
0.28
Price Trends
0.90
Negative
0.76
Positive
0.54
Positive
Market Momentum
<0.01
Positive
47.73
Neutral
44.44
Neutral
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 0.28 is below the 20-day moving average (MA) of 0.90, below the 50-day MA of 0.90, and below the 200-day MA of 0.54, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.73 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$3.18B | 6.96 | 8.44% | 7.42% | -4.39% | -12.10% | |
67 Neutral | HK$356.00M | 4.05 | 37.98% | 4.10% | -7.53% | ― | |
67 Neutral | HK$2.26B | 11.02 | 10.15% | 10.00% | -2.94% | -6.03% | |
62 Neutral | HK$237.50M | 4.42 | 5.68% | ― | -2.20% | 40.79% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | HK$160.06M | -4.19 | -9.78% | 10.58% | -9.42% | -58.91% | |
48 Neutral | HK$147.20M | -1.32 | -104.84% | 0.72% | ― | ― |
* Consumer Cyclical Sector Average
HK:2528
Forward Fashion (International) Holdings Company Limited
0.89
0.65
270.83%
HK:0330
Esprit Holdings
0.51
-1.04
-67.10%
HK:0709
Giordano International
1.39
-0.11
-7.27%
HK:1817
Mulsanne Group Holding Limited
0.25
-0.14
-35.90%
HK:3709
EEKA Fashion Holdings Limited
4.72
-2.82
-37.43%
HK:0375
YGM Trading Limited
0.95
-0.03
-2.58%
Forward Fashion (International) Holdings Company Limited Corporate Events
Forward Fashion Says Redco Disciplinary Action Does Not Affect Its Independent Director
Jul 30, 2026
Forward Fashion (International) Holdings Company Limited has disclosed that Hong Kong’s Stock Exchange has issued a disciplinary statement against Redco Healthy Living Company Limited and two of Redco’s current directors for breaches o...
Forward Fashion Wins Strong Shareholder Backing at 2026 AGM
Jun 5, 2026
Forward Fashion (International) Holdings Company Limited announced that shareholders approved all ordinary and special resolutions at its 2026 annual general meeting held on 5 June 2026. The meeting confirmed the adoption of the audited financial ...
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.