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Wah Sun Handbags International Holdings Ltd.
(2683)
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Rating:76Outperform
Price Target:
HK$1.50
â–²(36.36% Upside)
Action:Reiterated
Date:07/22/26
The score is driven primarily by solid financial performance (margin expansion and low leverage) and very favorable valuation (low P/E and high dividend yield). These positives are partly offset by weaker recent cash flow conversion and a mixed technical picture with subdued momentum.
Positive Factors
Margin Expansion & Profitability
Sustained margin expansion to double-digit net margins and a 12.8% EBIT margin reflects structural improvements in cost control, pricing or product mix. This durable profitability increases operating leverage and the firm's ability to fund growth, withstand shocks, and generate recurring cash over months.
Negative Factors
Weakened Cash Conversion
A sharp drop in operating and free cash flow versus earnings reduces earnings quality and limits internal funding for capex, inventory or dividends. Over the next 2–6 months this curtails margin-funded growth options and increases sensitivity to working capital swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion & Profitability
Sustained margin expansion to double-digit net margins and a 12.8% EBIT margin reflects structural improvements in cost control, pricing or product mix. This durable profitability increases operating leverage and the firm's ability to fund growth, withstand shocks, and generate recurring cash over months.
Read all positive factors
Wah Sun Handbags International Holdings Ltd. (2683) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$447.45M
Dividend Yield7.31%
Average Volume (3M)130.40K
Price to Earnings (P/E)5.1
Beta (1Y)0.31
Revenue Growth17.32%
EPS Growth34.39%
CountryHK
Employees4,514
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)0.21
Shares Outstanding408,625,980
10 Day Avg. Volume108,200
30 Day Avg. Volume130,400
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)1.45
Price to Sales (P/S)0.57
P/FCF Ratio10.94
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
Wah Sun Handbags International Holdings Ltd. Business Overview & Revenue Model
Company Description
Wah Sun Handbags International Holdings Limited, an investment holding company, manufactures and trades in non-leather hand-bag products in the United States, Canada, the Netherlands, China, and internationally. Its non-leather handbags are made o...
How the Company Makes Money
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Wah Sun Handbags International Holdings Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
62
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 849.54M | 724.10M | 594.41M | 446.52M | 617.59M |
| Gross Profit | 200.12M | 159.58M | 105.00M | 67.55M | 127.63M |
| EBITDA | 119.97M | 97.06M | 46.80M | 22.92M | 63.56M |
| Net Income | 86.37M | 64.27M | 28.50M | 8.49M | 39.54M |
Balance Sheet | |||||
| Total Assets | 476.85M | 420.87M | 371.31M | 382.38M | 416.99M |
| Cash, Cash Equivalents and Short-Term Investments | 205.64M | 188.85M | 142.68M | 103.04M | 116.55M |
| Total Debt | 19.83M | 18.71M | 21.54M | 23.83M | 22.50M |
| Total Liabilities | 142.05M | 127.34M | 115.92M | 137.82M | 157.88M |
| Stockholders Equity | 332.36M | 294.94M | 259.33M | 247.21M | 259.27M |
Cash Flow | |||||
| Free Cash Flow | 44.06M | 81.21M | 60.87M | 14.97M | 25.13M |
| Operating Cash Flow | 52.01M | 88.06M | 63.76M | 22.20M | 37.32M |
| Investing Cash Flow | -7.95M | -3.75M | -621.00K | -6.54M | -12.11M |
| Financing Cash Flow | -54.63M | -35.83M | -24.14M | -26.61M | -20.38M |
Wah Sun Handbags International Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$9.91B | 10.03 | 11.35% | 11.54% | 2.33% | -22.20% | |
76 Outperform | HK$447.45M | 5.06 | 26.54% | 7.31% | 17.32% | 34.39% | |
72 Outperform | HK$21.95B | 6.95 | 6.60% | 9.93% | -3.17% | -24.14% | |
66 Neutral | HK$17.43B | 8.23 | 16.79% | 6.28% | 1.27% | -8.74% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | HK$452.47M | -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:2683
Wah Sun Handbags International Holdings Ltd.
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Wah Sun Handbags International Holdings Ltd. Corporate Events
Wah Sun Handbags Sets 2026 AGM to Approve Dividends and Share Issuance Mandate
Jul 16, 2026
Wah Sun Handbags International Holdings Ltd. has convened its annual general meeting for 31 August 2026 in Hong Kong, where shareholders will receive the audited financial statements for the year ended 31 March 2026 and vote on a proposed final di...
Wah Sun Handbags Details Terms of Cambodia Lease and Factory Build
Jul 7, 2026
Wah Sun Handbags International Holdings Ltd. has detailed the commercial basis for its recently announced lease of industrial land in Cambodia, stating that the rent was set after arm’s-length negotiations and benchmarked against prevailing ...
Wah Sun Handbags Delivers Double-Digit Profit Growth and Maintains Dividends
Jun 29, 2026
Wah Sun Handbags International Holdings reported a strong set of final results for the year ended 31 March 2026, with revenue climbing 17.3% to HK$849.5 million and gross profit rising 25.4% to HK$200.1 million. The company’s gross margin im...
Wah Sun Handbags Declares Final Dividend for FY2026
Jun 29, 2026
Wah Sun Handbags International Holdings Ltd. has declared a final ordinary cash dividend of HKD 0.04 per share for the financial year ended 31 March 2026, to be paid in Hong Kong dollars. The dividend, subject to shareholder approval on 31 August ...
Wah Sun Handbags Declares Special Dividend for FY2026
Jun 29, 2026
Wah Sun Handbags International Holdings Limited has declared a special cash dividend of HKD 0.02 per share for the financial year ended 31 March 2026, subject to shareholder approval on 31 August 2026. The dividend will be paid in Hong Kong dollar...
Wah Sun Handbags Commits HK$115 Million to Cambodian Lease and Plant Construction
Jun 23, 2026
Wah Sun Handbags International Holdings Ltd. has entered into a 10-year lease, with an optional five-year renewal, for a piece of land in Cambodia via its indirect wholly owned subsidiary Quick Mind, and will recognize right-of-use assets of about...
Wah Sun Handbags Sets June Board Meeting to Approve 2026 Results and Consider Dividend
Jun 16, 2026
Wah Sun Handbags International Holdings Limited has scheduled a board meeting for 29 June 2026 to review and approve the audited consolidated financial results for the year ended 31 March 2026. The board will also consider whether to recommend a f...
Wah Sun Handbags Flags Strong Profit Growth on European Demand and Cost Controls
Jun 12, 2026
Wah Sun Handbags International Holdings expects net profit attributable to shareholders for the year ended 31 March 2026 to reach at least HK$84 million, up from about HK$64 million a year earlier. Management attributes this performance to improvi...
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.