Top Form International Ltd (0333) Fair Value & Analysis
Consumer Cyclical · HK · Market cap HK$57.8M (≈ $7.4M) · ISIN BMG8922H1299
What is Top Form International Ltd really worth?
Below-average quality, trading 25% below our fair value of HK$0.2800.
As of Aug 13, 2026, the fair value of Top Form International Ltd is HK$0.2800 per share against a price of HK$0.2100, so the fair value sits 33% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
Fair value as of: Aug 13, 2026
From 2 valuation models · updated 23 days ago
Fair value updated Aug 13, 2026, revised from HK$0.2770 to HK$0.2800 (+1.1%) since Aug 2, 2026. Share price +10.5% over the past month.
What runs behind every stock
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What matters now
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$0.1810 – HK$1.51 · fair‑value band HK$0.2041 – HK$0.3559 · the HK$0.2100 price screens below the HK$0.2800 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Top Form International Ltd (0333) currently trades at HK$0.2100, while our model-based Fair Value estimate is HK$0.2800, implying the stock looks roughly 25.0% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical sector. How firm this estimate is: it rests on 2 models at a data quality of 89/100, which puts the evidence level at low.
Over the trailing twelve months, Top Form International Ltd generated revenue of HK$1.1B at a net margin of −5.2%. Revenue declined 22.1% year over year. It earns a return on equity of −13.9%. Net debt stands at HK$29.7M. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$0.2041 (bear case) to HK$0.3559 (bull case); at HK$0.2100, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at 33%, 0333 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 2 models by family
Widest divergence: Multiples (HK$1.58) versus Asset-Based (HK$0.7900). Highest evidence: EV/EBITDA (67).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 32
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Top Form International Limited, an investment holding company, engages in the design, manufacture, trades, and distribution of ladies' intimate apparel in Hong Kong and internationally. It offers brassieres and seamless products, as well as trades ladies' underwear.
Full company description
Top Form International Limited, an investment holding company, engages in the design, manufacture, trades, and distribution of ladies' intimate apparel in Hong Kong and internationally. It offers brassieres and seamless products, as well as trades ladies' underwear. The company is also involved in the moulding and laminating, and property holding and investment businesses; and provision of consultancy services in relation to ladies intimate apparel and accessories. Top Form International Limited was founded in 1963 and is headquartered in Kowloon, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Top Form International Ltd reported revenue of HK$1.2B in FY2025 versus HK$1.4B in FY2021, a compound −4.0%/yr. Reported net income was −HK$32.6M in FY2025.
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Peer Group
Apparel Manufacturing · 214 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| H & M Hennes & Mauritz AB HMB | kr 175.50 | kr 165.47 | −6% |
| Ralph Lauren Corporation RL | $396.35 | $220.38 | −44% |
| Moncler S.p.A MONC | €46.15 | €50.69 | +10% |
| Gildan Activewear Inc GIL | C$75.50 | C$45.60 | −40% |
| LPP SA LPP | 21,340 PLN | 17,754 PLN | −17% |
| Levi Strauss & Co LEVI | $21.05 | $15.20 | −28% |
| V.F. Corporation VFC | $13.67 | $10.44 | −24% |
| Bosideng International Holdings 3998 | HK$4.42 | HK$5.92 | +34% |
| Youngor Fashion Co 600177 | ¥7.91 | ¥5.59 | −29% |
| Kontoor Brands, Inc KTB | $82.01 | $85.76 | +5% |
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