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Forward Fashion (International) Holdings Company Limited (2528) AI Stock Analysis
Forward Fashion (International) Holdings Company Limited
(HKEX:2528)
The score is supported primarily by the 2025 financial recovery, strong free cash flow, and sharply improved leverage. Low valuation is a secondary strength, while declining revenue and weak short- to medium-term technical momentum limit the overall score.
Forward Fashion (International) Holdings Company Limited (2528) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 268.00M
- Dividend Yield
- ―
- Average Volume (3M)
- 97.28K
- Price to Earnings (P/E)
- 3.0
- Beta (1Y)
- 0.74
- Revenue Growth
- -7.53%
- EPS Growth
- ―
- Country
- Hong Kong
- Employees
- 875
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Apparel - Retail
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. The c...
Forward Fashion (International) Holdings Company Limited Financial Statement Overview
Summary
2025 showed a strong profitability and cash-flow recovery, with a 27% ROE, 23% EBITDA margin, 198M operating cash flow, and 167M free cash flow. Deleveraging improved the balance sheet, but declining revenue and asset contraction remain risks.
Income Statement
72PositiveBalance Sheet
68PositiveCash Flow
82Very 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 | 212.19M | 199.82M | 83.77M | 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
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2528, the sentiment is Negative. The current price of 0.67 is below the 20-day moving average (MA) of 0.76, below the 50-day MA of 0.84, and above the 200-day MA of 0.63, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 38.09 is Neutral, neither overbought nor oversold. The STOCH value of 69.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2528.
Forward Fashion (International) Holdings Company Limited Peers Comparison
Overall Rating
HK:070972.4Outperform
HK:181769Neutral- HK:252868Neutral
HK:370964.6Neutral
HK:037554Neutral
HK:033043Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:0709 | 72Outperform | HKD 2.01B | 9.87 | 10.15% | 10.52% | -2.94% | -6.03% |
| HK:1817 | 69Neutral | HKD 565.25M | 10.43 | 5.68% | ― | -2.20% | 40.79% |
| HK:2528 | 68Neutral | HKD 268.00M | 3.04 | 37.98% | ― | -7.53% | ― |
| HK:3709 | 65Neutral | HKD 2.81B | 5.99 | 8.44% | 8.55% | -4.39% | -12.10% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| HK:0375 | 54Neutral | HKD 172.50M | -4.61 | -9.78% | 9.62% | -9.42% | -58.91% |
| HK:0330 | 43Neutral | HKD 113.23M | -1.03 | -104.84% | ― | ― | ― |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:2528 | Forward Fashion (International) Holdings Company Limited | 0.67 | 0.41 | 157.69% | |
| HK:0330 | Esprit Holdings Limited | 0.40 | -0.89 | -68.99% | |
| HK:0709 | Giordano International | 1.25 | -0.11 | -8.32% | |
| HK:1817 | Mulsanne Group Holding Limited | 0.59 | 0.23 | 65.28% | |
| HK:3709 | EEKA Fashion Holdings Limited | 4.09 | -3.49 | -45.98% | |
| HK:0375 | YGM Trading Limited | 1.04 | 0.13 | 13.66% |
Forward Fashion (International) Holdings Company Limited Corporate Events
Forward Fashion warns of revenue hit as Popmart Macau deal ends
Forward Fashion (International) Holdings Company Limited has announced that its retail store management agreement with Popmart for operating Popmart stores in Macau will be terminated with effect from 21 December 2026. Revenue from these Popmart stor...
Forward Fashion Swings to Stronger Interim Profit Despite Revenue Dip
Forward Fashion (International) Holdings Company Limited reported unaudited interim results for the six months ended 30 June 2026, showing revenue of HKD418.24 million, down from HKD443.64 million a year earlier. Despite the top-line decline, the gro...
Forward Fashion forecasts sharp interim profit surge on cost cuts and store overhaul
Forward Fashion (International) Holdings Company Limited, a Hong Kong-listed fashion and lifestyle retailer with operations across Greater China, has been reshaping its store portfolio and tightening cost controls to improve profitability. The group...
Forward Fashion Board to Review Interim Results and Consider Dividend
Forward Fashion (International) Holdings Company Limited has scheduled a board meeting for 28 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026. The board will also consider declaring an interim div...
Forward Fashion Says Redco Disciplinary Action Does Not Affect Its Independent Director
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 of t...
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.
Date of analysis: Oct 29, 2026