Investment Rating - The report assigns a stock rating of NR (Not Rated) for Nameson (01982.HK) [3]. Core Insights - Nameson reported a 2.2% year-over-year increase in revenue for the first half of FY 2024/25, achieving a gross margin of 19.9% [3]. - The company announced a dividend of HKD 0.098 per share [4]. - There was a 5.0% year-over-year decline in revenue from knitwear products, attributed to a decrease in sales volume despite a slight rebound in average selling price (ASP) [4]. - The cashmere yarn business showed strong performance with a 26.8% year-over-year growth, reaching HKD 418.5 million [4]. - The company provided conservative guidance indicating a potential slight drop in sales volume for FY 2024/25 [4]. Financial Performance - Revenue for FY 2022/23 was HKD 4,602.3 million, with a year-over-year growth of 13.9% [9]. - The gross profit for FY 2022/23 was HKD 745.5 million, with a gross margin of 16.2% [9]. - Net profit for FY 2022/23 was HKD 158.3 million, reflecting a year-over-year decline of 42.6% [9]. - The company reported a return on equity (ROE) of 6.2% for FY 2022/23, which is expected to improve to 15.0% in FY 2023/24 [12]. Market Position and Competitors - Nameson has a market capitalization of HKD 2.1 billion and a P/E ratio of 5.5 [7]. - The average P/E ratio among peers is 10.1, indicating that Nameson is trading at a discount compared to its competitors [7]. - The company has gained two new customers in the EU and Canada, which may contribute positively to future revenue [4]. Operational Efficiency - The report highlights improving operating efficiency in existing factories in Vietnam and rental income from a factory in China as key factors for potential margin improvement [4]. - The company is facing short-term headwinds due to new factories for knitwear and fabric products [4].

Key Points Industry and Company * **Industry**: Apparel manufacturing and retail * **Company**: Danley Group Core Views and Arguments * **Overall Performance**: The company experienced a slight recovery in 2025, but the first half of the year was affected by geopolitical tensions and trade relations, leading to a slower economic recovery than expected. * **Revenue Growth**: Revenue increased by 2.2% to HKD 2.79 billion in the first half of 2025, driven by increased sales of yarn and fabric. * **Profitability**: Gross profit increased by 11.1% to HKD 550 million, with a gross margin of 19.5%. Net profit increased by 2.4% to HKD 313.1 million. * **Strategic Investments**: The company has expanded its production capacity in Vietnam, with 70% of production now taking place there. This strategic investment is expected to benefit the company's long-term growth. * **Product Mix**: The company has adjusted its product mix to include more fuel garments, which has helped maintain stable average selling prices. Other Important Points * **Geographic Distribution**: The company's sales are relatively分散, reducing its exposure to geopolitical risks. * **Customer Base**: The company's customer base is stable and consists of mid-to-high-end brands. * **Cash Flow**: The company's cash flow from operations decreased to HKD 170 million in the first half of 2025 due to increased prepayments and capital expenditures. * **Capital Expenditure**: The company's capital expenditure is expected to remain at the same level as the previous year. * **Market Outlook**: The company expects the terminal consumption atmosphere to remain uncertain in the second half of the year. It expects the core sweater business to remain stable or slightly decline in the second half of the year. Additional Information * The company has established a woolen yarn production base in Vietnam to meet customer demand. * The company is actively developing new international brand customers in Europe and North America. * The company is committed to optimizing its product mix and improving efficiency to achieve reasonable profitability. * The company has a strong management team with a proven ability to adapt to market changes.

Financial Data and Key Metrics Changes - The group's revenue increased by 2.2% to HKD 2.79 billion in the first half of 2025, with gross profit rising by 11.1% to HKD 550 million, leading to a net profit growth of 2.4% to HKD 298 million, marking a historical high for the half-year period [2][3][4] - The gross margin improved by 1.6 percentage points to nearly 20%, primarily due to better performance in fabric sales and improved efficiency in the core product business [2][4] Business Line Data and Key Metrics Changes - The sales volume of the core sweater business decreased slightly by 5.2% to 1.8 million pieces, attributed to uncertainties in consumer recovery and a reduction in quick orders [8][12] - The cash flow from operating activities decreased to approximately HKD 107 million due to increased prepayments based on business needs [6] Market Data and Key Metrics Changes - Sales in Europe, Japan, and China accounted for 23%, 21%, and 18% of total revenue, respectively, indicating a diversified market presence that mitigates geopolitical risks [7][12] - The production in Vietnam increased to 70%, while production in China accounted for 30%, reflecting a strategic shift towards Southeast Asia [10][12] Company Strategy and Development Direction - The company is focusing on optimizing its product mix and pricing strategies to align with market demands, particularly in the sweater segment [7][8] - Plans to establish a cashmere yarn production base in Vietnam are underway to meet growing demand and enhance profitability [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the second half of 2025, anticipating a slight decline in sweater orders but remaining confident in long-term growth prospects [12][22] - The company is actively developing new international brand clients, particularly in Canada and Europe, to diversify its customer base [9][24] Other Important Information - The company maintained a high dividend payout ratio of 74.8%, with a record interim dividend of HKD 0.098 per share [2][4] - Trade receivables increased by approximately 145%, which management clarified is a normal seasonal fluctuation rather than a sign of collection issues [5][6] Q&A Session Summary Question: What is the structure of raw material and labor costs? - The CFO provided insights on cost structures, indicating that the company maintains a balanced approach to managing costs [13] Question: What is the forecast for orders in the second half of the year? - The company expects a slight decline in sweater orders, estimated to be less than 5% [14] Question: How will increased tariffs from the US affect the group? - The company plans to pass on additional costs to customers if tariffs are imposed, but its diversified market presence should mitigate significant impacts [14][15] Question: Will the dividend payout ratio remain stable? - The company aims to maintain the dividend payout ratio at last year's level, despite increased capital expenditures [15] Question: What are the reasons for the decline in the Japanese market? - Factors include delayed orders and warmer weather affecting demand for products [16][17] Question: How does the company view the economic recovery in China? - Management remains confident in the long-term potential of the Chinese market, despite recent fluctuations in orders [22][24]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 2,786.2 million, representing a 2.2% increase from HKD 2,726.4 million in the same period of 2023[4] - Gross profit increased by 11.1% to HKD 553.5 million, up from HKD 498.0 million year-over-year[4] - Net profit for the period was HKD 312.8 million, a 2.4% increase compared to HKD 305.6 million in the previous year[4] - Adjusted net profit was HKD 298.5 million, reflecting a 3.3% increase from HKD 289.1 million in the same period of 2023[4] - Basic and diluted earnings per share rose to HKD 13.1 cents, up 3.1% from HKD 12.7 cents[4] - Operating profit was HKD 390.4 million, compared to HKD 371.7 million in the same period last year[6] - The company reported a gross margin of 19.9%, an increase of 1.6 percentage points from 18.3% in the previous year[4] - Total revenue increased by 2.2% to HKD 2,786.2 million, driven by growth in cashmere yarn sales and fabric business, with improved gross profit and gross profit margin compared to the same period last year[66] - Operating profit rose by 5.0% to HKD 390.4 million, while net profit reached a historic high of HKD 312.8 million, reflecting a 2.4% increase year-on-year[67] Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 4,831.9 million, compared to HKD 4,448.1 million as of March 31, 2024[17] - Total equity increased to HKD 2,796,647 thousand as of September 30, 2024, up from HKD 2,598,959 thousand as of March 31, 2024, representing a growth of 7.6%[19] - Total liabilities rose to HKD 2,035,231 thousand, compared to HKD 1,849,144 thousand in the previous period, indicating an increase of 10.1%[19] - Cash and cash equivalents decreased to HKD 569.0 million from HKD 717.4 million[17] - Trade receivables as of September 30, 2024, amounted to HKD 409,234,000, compared to HKD 167,149,000 as of March 31, 2024, indicating a significant increase[49] - The total bank borrowings as of September 30, 2024, were HKD 788,086,000, a decrease from HKD 807,940,000 as of March 31, 2024[53] - The group's leverage ratio increased from 8.9% as of March 31, 2024, to 14.3% as of September 30, 2024, calculated as net debt divided by total equity[102] Revenue Breakdown - Major customers accounted for approximately 69.1% of total revenue for the six months ended September 30, 2024, down from 72.4% in 2023[35] - Revenue from Japan decreased to HKD 592,102 thousand for the six months ended September 30, 2024, compared to HKD 764,182 thousand in 2023, reflecting a decline of about 22.5%[33] - Revenue from Europe increased significantly to HKD 631,710 thousand for the six months ended September 30, 2024, up from HKD 511,823 thousand in 2023, marking a growth of approximately 23.4%[33] - Revenue from North America increased slightly to HKD 439,339 thousand for the six months ended September 30, 2024, compared to HKD 423,311 thousand in 2023, reflecting a growth of about 3.8%[33] - Revenue from Mainland China was HKD 503,805 thousand for the six months ended September 30, 2024, a decrease from HKD 524,447 thousand in 2023, representing a decline of approximately 3.0%[33] Expenses and Costs - Total cost of sales, selling and distribution expenses, and general and administrative expenses amounted to HKD 2,427,158,000 in 2024, compared to HKD 2,408,435,000 in 2023, an increase of approximately 0.8%[39] - Advertising and promotional expenses decreased to HKD 3,233,000 in 2024 from HKD 4,579,000 in 2023, a reduction of approximately 29.4%[39] - Employee benefits expenses, including director remuneration, increased to HKD 544,028,000 in 2024 from HKD 534,218,000 in 2023, reflecting a growth of about 1.5%[39] - Selling and distribution expenses increased by HKD 3.2 million to HKD 21.0 million, attributed to rising transportation costs consistent with overall sales volume increases[85] - General and administrative expenses rose by HKD 11.3 million to HKD 173.5 million, primarily due to increased employee costs from business expansion[86] Taxation - The estimated tax expense for Hong Kong profits tax was HKD 15,409,000 in 2024, up from HKD 9,653,000 in 2023, a significant increase of approximately 59.1%[43] - The total income tax expense for the six months ended September 30, 2024, was HKD 53,402,000, compared to HKD 43,804,000 in 2023, reflecting an increase of approximately 21.9%[43] - The effective tax rate for the group was 14.6% for the six months ended September 30, 2024, compared to 12.5% for the same period in 2023[92] Market and Operational Insights - The company continues to focus on expanding its market presence and enhancing product offerings, although specific new product details were not disclosed in the financial summary[19] - The company reported a cautious consumer spending pattern due to ongoing geopolitical tensions and inflationary pressures as of September 30, 2024[60] - The company demonstrated strong resilience despite facing significant challenges over the past few years, adapting to market dynamics effectively[62] - The group aims to enhance product design through functional and material development to meet rapidly changing customer preferences[74] - The company plans to continue seeking innovations and breakthroughs in lean production and digitalization under uncertain geopolitical conditions[74] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.098 per share, with a payout ratio of 75%, in appreciation of shareholder support[67] - The interim dividend per share increased to HKD 0.098 in 2024 from HKD 0.095 in 2023, marking a rise of approximately 3.2%[48] Corporate Governance - The company has adhered to the corporate governance code and has maintained high standards of corporate governance as of September 30, 2024[123] - The audit committee consists of three independent non-executive directors and is responsible for overseeing the financial reporting process and internal controls[127]

Investment Rating - The report assigns a rating of NR (Not Rated) for Nameson (01982.HK) [2][4]. Core Insights - The company experienced a revenue decline of 4.9% year-on-year for the fiscal year 2023/24, totaling HKD 4,378.9 million. However, net profit increased by 140.5% year-on-year to HKD 380.7 million due to a rise in gross margin and a reduction in impairment from the Myanmar factory [9]. - The company is planning significant capital investments, approximately HKD 400 million, to expand its fabric production capacity by establishing a new factory expected to be completed by 2026, which will add 30 million pounds of capacity [2][4]. - The average selling price (ASP) of knitted products decreased significantly from HKD 125.6 to HKD 109.2 per unit, primarily due to a drop in ASP for cashmere products and raw material prices [2][4]. Financial Summary - Revenue for the fiscal years is as follows: HKD 3,848.6 million (2020/21), HKD 4,040.5 million (2021/22), HKD 4,602.3 million (2022/23), and HKD 4,378.9 million (2023/24) [6][9]. - Gross profit figures are HKD 701.4 million (2020/21), HKD 706.1 million (2021/22), HKD 745.5 million (2022/23), and HKD 774.2 million (2023/24) [6]. - The net profit for the fiscal years is as follows: HKD 298.4 million (2020/21), HKD 275.6 million (2021/22), HKD 158.3 million (2022/23), and HKD 380.7 million (2023/24) [6][9]. Market Position - Nameson has a market capitalization of HKD 1,664 million, with a P/E ratio of 4.6 and a P/B ratio of 0.7, indicating a relatively low valuation compared to peers [4]. - The company’s gross margin stands at 17.7%, and return on equity (ROE) is at 15.5%, reflecting a solid profitability position [4]. Expansion Plans - The company is actively pursuing expansion plans, including investments in personal protective equipment and capacity expansion in Vietnam, with projected expenditures of HKD 150 million and HKD 100 million for the fiscal years 2024/25 and 2025/26, respectively [2][4]. - The fabric business is expected to drive long-term growth, although it currently faces challenges with low utilization rates [2].

Investment Rating - The report assigns a "Strong Buy" rating, indicating an absolute upside of over 50% over the next 12 months [13]. Core Insights - Nameson (01982.HK) experienced a year-on-year decline of 4.9% in topline revenue for FY 2023/24, totaling HKD 4,378.9 million. Despite this, there was a 1.5 percentage point increase in gross margin [2][10]. - The company is facing challenges due to a shrinking market size for knitwear products and strong capital requirements for expansion plans, which are expected to lead to a higher gearing ratio and lower dividend payout ratio [3][10]. - The fabric market remains weak, contributing to losses in this business segment, although the company plans to invest approximately HKD 400 million to expand its fabric production capacity [10][15]. Financial Performance Summary - Revenue for the past four fiscal years is as follows: - FY 2020/21: HKD 3,848.6 million - FY 2021/22: HKD 4,040.5 million - FY 2022/23: HKD 4,602.3 million - FY 2023/24: HKD 4,378.9 million [26]. - Gross profit figures for the same period are: - FY 2020/21: HKD 701.4 million - FY 2021/22: HKD 706.1 million - FY 2022/23: HKD 745.5 million - FY 2023/24: HKD 774.2 million [26]. - Net profit showed significant growth, with FY 2023/24 reaching HKD 380.7 million, a year-on-year increase of 140.5% [26]. Market and Operational Insights - The company anticipates stable sales volume in FY 2024/25 based on the current order book, although there are concerns regarding potential adjustments in order placements by major customers [15]. - The average selling price (ASP) of knitwear products has decreased from HKD 125.6 per unit to HKD 109.2 per unit, primarily due to a drop in cashmere product prices and decreasing raw material costs [15]. - Nameson plans to incur additional investments of HKD 150 million and HKD 100 million for expanding production capacity in Vietnam in FY 2024/25 and FY 2025/26, respectively [15].

Investment Rating - The report does not provide a specific investment rating for Nam Hing Holdings (01982 HK) [2][15] Core Views - Nam Hing Holdings achieved a total revenue of HK$4 38 billion in FY2023 24, a year on year decrease of 4 9% However, net profit increased by 1 4x to HK$380 7 million due to a 1 5 percentage point increase in gross margin and reduced impairment losses from the Myanmar factory [2] - The company declared a final dividend of HK$0 035 per share, representing a dividend payout ratio of 81 9% for the full fiscal year [2] - Sales volume of knitted products rebounded in H2 FY2023 24, offsetting the impact of a decline in average selling price (ASP) The ASP of knitted products dropped significantly from HK$125 6 to HK$109 2 per piece, mainly due to a sharp decline in cashmere product prices and lower raw material costs [2] - The company expects stable sales in FY2024 25 but is cautious about future rush orders from major customers, which could lead to lower than expected sales volume and further pressure on ASPs [2] - Nam Hing Holdings has an aggressive expansion plan, with a current fabric production capacity of 30 million pounds per year The company plans to invest approximately HK$400 million to build a new fabric production facility, expected to be completed by 2026, adding an additional 30 million pounds of capacity However, the fabric business is not yet stable, with low capacity utilization and no breakeven achieved, which could pressure the company in the short term [2] - The company also plans to invest HK$150 million in FY2024 25 and HK$100 million in FY2025 26 to expand its Vietnam capacity to meet customer demand for production outside China [2] Financial Performance - Revenue for FY2023 24 was HK$4 38 billion, down 4 9% year on year [2] - Gross profit increased to HK$774 2 million, with a gross margin of 17 7%, up from 16 2% in FY2022 23 [2] - Net profit surged to HK$380 7 million, a 140 5% year on year increase [2] - Return on equity (ROE) improved to 15 0% in FY2023 24, up from 6 2% in the previous fiscal year [2] - The company's market capitalization is HK$1 7 billion, with a current share price of HK$0 730 [2] Industry Comparison - Nam Hing Holdings has a market capitalization of HK$1 66 billion, with a price to earnings (P E) ratio of 4 6x and a price to book (P B) ratio of 0 7x [5] - The company's revenue of HK$4 38 billion and gross margin of 17 7% are lower compared to peers such as Shenzhou International (02313 HK), which has a revenue of HK$27 6 billion and a gross margin of 24 3% [5] Expansion and Capital Requirements - The company's expansion plans, including the new fabric production facility and Vietnam capacity expansion, could lead to increased capital requirements and potentially higher debt levels or reduced dividend payout ratios [5]

Financial Performance - The company reported a significant increase in profit attributable to shareholders, reaching HKD 361,672 million in 2024, up from HKD 134,844 million in 2023, resulting in basic earnings per share of HKD 15.87, compared to HKD 5.92 in the previous year[39]. - The net profit surged by 140.5% to HKD 380.7 million in 2024, marking a historical high for the company[57]. - The adjusted net profit attributable to the company's owners for the fiscal year ending March 31, 2024, was HKD 361.7 million, compared to HKD 134.8 million for the previous year[119]. - The adjusted net profit increased from HKD 379.3 million for the year ending March 31, 2023, to HKD 396.5 million for the year ending March 31, 2024, representing a growth of 4.5%[171]. - The gross profit increased by 3.8% to HKD 774.2 million, with the gross profit margin improving by 1.5 percentage points to 17.7% in 2024[56]. - Total revenue slightly decreased by 4.9% to HKD 4,378.9 million in 2024, primarily due to a decline in overall selling prices of knitwear products[56]. - The sales revenue of men's and women's knitted products decreased by HKD 152.7 million to HKD 3,513.7 million for the year ended March 31, 2024[90]. - The average selling price of men's and women's knitted products decreased by 13.1%, from HKD 125.6 to HKD 109.1 per piece, despite the increase in sales volume due to stronger-than-expected demand in the second half of the fiscal year[63]. Revenue and Sales - Revenue for the year ended March 31, 2024, was HKD 4,378.9 million, a decrease of 4.9% compared to HKD 4,602.3 million in 2023[186]. - For the fiscal year ending March 31, 2024, the group recorded revenue primarily from sales of knitted products, including women's, men's, and children's apparel, totaling 32.2 million pieces, an increase of 10.3% from 29.2 million pieces in the previous year[62][63]. - The sales volume of men's and women's knitwear increased by 25.7% to 13.2 million pieces in the second half of 2024, contributing to a total of 32.2 million pieces for the fiscal year[55]. - Revenue contributions from major markets as of March 31, 2024, were 31.1% from Japan, 20.6% from mainland China, and 15.7% from Europe[64]. Expenses and Liabilities - The total income tax expense for 2024 was HKD 53,201,000, a slight increase from HKD 51,095,000 in 2023, reflecting a growth of about 4%[6]. - The group reported a sales cost of HKD 3,604.6 million for the year ended March 31, 2024, which includes inventory costs, direct labor costs, subcontracting fees, depreciation, utilities, and production overheads[158]. - Trade payables and notes payable decreased from HKD 363,392,000 in 2023 to HKD 335,457,000 in 2024, representing a decline of approximately 7.7%[46]. - The company's bank borrowings totaled HKD 807,940,000 in 2024, down from HKD 936,755,000 in 2023, indicating a reduction of about 13.0%[48]. - Total lease liabilities as of March 31, 2024, amounted to HKD 163,060 million, an increase from HKD 157,749 million in 2023, with a weighted average effective interest rate of 4.31% compared to 2.77% in 2023[25]. Dividends - The company declared an interim dividend of HKD 0.095 per share, totaling HKD 216,542,000, which was paid on December 20, 2023[9]. - The company declared a second interim dividend of HKD 0.035 per share, totaling HKD 79,779,000, contributing to an annual dividend payout ratio of 82%[34]. - The board has declared a second interim dividend of HKD 0.035 per share for the year ended March 31, 2024, expected to be paid on July 23, 2024[134]. Operational Challenges - The company is facing challenges in Myanmar due to social unrest and military conflict, impacting the development of production bases[3]. - The group confirmed an impairment loss of HKD 34.0 million for its Myanmar production base in the fiscal year 2024[85]. - The group recorded an impairment loss of HKD 34.0 million related to its Myanmar production base, a significant decrease from HKD 243.4 million in the previous year, reflecting ongoing concerns over labor rights and political instability[72][74]. Cash Flow and Financial Management - The company generated net cash from operating activities of HKD 582.9 million for the fiscal year ending March 31, 2024, primarily due to a profit before tax of HKD 433.9 million, adjusted for depreciation of HKD 226.0 million and a decrease in inventory of HKD 120.5 million[121]. - The net cash used in financing activities for the fiscal year was HKD 435.9 million, primarily due to dividend payments of HKD 230.2 million and a net reduction in bank borrowings and lease liabilities of HKD 203.4 million[82]. - The net cash used in investing activities for the fiscal year ending March 31, 2024, was HKD 145.1 million, resulting from the purchase of properties, plants, and equipment totaling HKD 216.3 million, offset by proceeds from the sale of properties, plants, and equipment amounting to HKD 41.6 million and interest received of HKD 29.6 million[107]. Future Outlook and Strategy - The company aims to balance order pricing and expansion while improving profitability and profit margins despite a slight decline in revenue at the end of fiscal year 2024[31]. - The company is committed to enhancing product quality and expanding its customer base, indicating a positive outlook for future growth[35]. - The group aims to continue exploring opportunities for business expansion and diversification while creating greater returns for shareholders[89]. - The company anticipates a slowdown in the shift of production from mainland China to Southeast Asia as global customers continue to expand sales in the Chinese market[58]. Compliance and Governance - The audit committee consists of three independent non-executive directors and is responsible for reviewing and supervising the group's financial reporting process and internal control systems[141]. - The group has adhered to all mandatory provisions of the corporate governance code as of March 31, 2024[153]. - The group has not entered into any long-term foreign currency contracts to mitigate the risk of RMB against USD as of March 31, 2024[129].

Investment Rating - Trading Sell [2][14][30] Core Insights - The company experienced a sales drop of 12% YoY in 1HFY24, primarily due to a decrease in average selling price (ASP) by 12.9% in HKD terms, although sales volume remained resilient at approximately 19 million pieces, reflecting a 1.7% YoY increase [1][10] - Management anticipates a better performance in 2HFY24, driven by fast orders from Japanese clients, with an expected sales volume growth in FY24E at mid-single digits YoY, a revision from previous guidance of a mid-single digit drop [1][12] - The net gearing ratio improved significantly, declining to approximately 3.0% in 1HFY24 from 13.0% in FY23, allowing the company to raise its payout ratio to 75% in 1HFY24 [11][12] Financial Performance - The company's core net profit for FY24E is projected to reach HK$350 million, supported by volume growth and gross profit margin (GPM) expansion due to lower production costs [4] - The company is currently trading at a FY24E PE valuation of 4.7x, which is about a 54% discount compared to its HK-listed textile peers [4] - The target price for the company is set at HK$0.87, indicating a potential upside of 21.1% from the current price of HK$0.72 [14] Operational Developments - The company is expanding its production capacity in Vietnam to reduce lead times and meet client demand, with expectations that Vietnam will account for approximately two-thirds of its total knitwear capacity [12][13] - The largest customer, Uniqlo, accounted for about 48% of the company's revenue in 1HFY24, and as apparel retailers begin to restock, sales are expected to increase significantly in 2HFY24 [12][13] Market Position - Nameson is recognized as one of the leading knitwear manufacturers in China, providing a comprehensive range of services from raw material development to timely delivery [2][10] - The company has diversified its clientele, supplying to internationally renowned brands such as UNIQLO, Tommy Hilfiger, Under Armour, and Lululemon [2][10]

| RESEARCH 6 May, 2024 Nameson (01982.HK) Current Price HK$ 0.69 HKD, mn 2019/ Absolute 27.8% 38.0% 91.3% 63.3% TARGET PRICE HK$ - Expansion of cashmere yarn business: Nameson (01982.HK) entered into a JV agreement with its largest cashmere supplier, Hebei Yuteng, to engage in the manufacturing of cashmere yarn in Vietnam, the total production capacity per annum is designed to be 500 - 550 tonnes. Given the >80% utilization rate of cashmere yarn in Hebei, an increase in production capacity in Vietnam suppor ...