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Wah Sun Handbags International Holdings Ltd.
(2683)
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Rating:74Outperform
Price Target:
HK$1.00
â–¼(-9.09% Downside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by strong financial performance (margin expansion and low leverage), supported by attractive valuation (low P/E and high dividend yield). Offsetting these positives, technical signals are mixed and recent cash flow weakened materially versus the prior year, tempering confidence in near-term earnings quality.
Positive Factors
Revenue Scale and Growth
The substantial increase in revenue over five years indicates that Wah Sun has expanded its business scale and recovered from earlier weakness. Continued recent growth provides a stronger base for operating leverage, customer development, and sustained earnings generation over the next several quarters.
Negative Factors
Weaker Cash Conversion
Although cash generation remains positive, the sharp latest-year decline relative to reported profitability weakens confidence in earnings quality. Persistently lower conversion could constrain internally funded investment and distributions, while making future results more dependent on a recovery in working cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale and Growth
The substantial increase in revenue over five years indicates that Wah Sun has expanded its business scale and recovered from earlier weakness. Continued recent growth provides a stronger base for operating leverage, customer development, and sustained earnings generation over the next several quarters.
Read all positive factors
Wah Sun Handbags International Holdings Ltd. (2683) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$441.32M
Dividend Yield7.48%
Average Volume (3M)83.18K
Price to Earnings (P/E)5.1
Beta (1Y)0.34
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. Volume96,400
30 Day Avg. Volume83,176
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...
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 | 48.95M | 23.99M | 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. Technical Analysis
Neutral
1.10
Price Trends
1.07
Positive
1.06
Positive
1.10
Negative
Market Momentum
<0.01
Positive
48.05
Neutral
12.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2683, the sentiment is Neutral. The current price of 1.1 is below the 20-day moving average (MA) of 1.10, above the 50-day MA of 1.07, and below the 200-day MA of 1.10, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.05 is Neutral, neither overbought nor oversold. The STOCH value of 12.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2683.
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 |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$11.01B | 11.21 | 11.35% | 10.32% | 2.33% | -22.20% | |
74 Outperform | HK$441.32M | 5.06 | 26.54% | 7.48% | 17.32% | 34.39% | |
69 Neutral | HK$21.96B | 7.27 | 6.60% | 9.49% | -3.17% | -24.14% | |
66 Neutral | HK$17.97B | 8.34 | 16.79% | 6.20% | 1.27% | -8.74% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | HK$269.68M | -3.84 | -6.97% | 12.30% | -2.99% | -111.29% | |
49 Neutral | HK$351.39M | -2.91 | -8.17% | 16.44% | -6.14% | 31.24% |
* 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 Wins Shareholder Backing for Dividends and Share Issue Mandate
Aug 31, 2026
Wah Sun Handbags International Holdings Ltd. announced that all resolutions at its annual general meeting on 31 August 2026 were approved by shareholders via poll, covering adoption of the 2026 financial statements, director re-elections and remun...
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.