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Crystal International Group Ltd (2232) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$16.5B

CI Crystal International Group Ltd 2232 · HK
PriceHK$7.07
Fair ValueHK$1.25
Upside-82.3%
Quality68/100
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Healthy Growth
Thin margins · 8.5% net margin
Low debt · generates free cash flow
0.92% dividend yield
Ranks above peers (9/14)
Moderate moat 52/100
Evidence: High Range HK$0.8200 – HK$1.81 Share as image

Fair value as of: Aug 15, 2026

From 25 valuation models · updated 2 days ago

Share price +19.3% over the past month.

A solid business, but screening 82% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$1.81). The favourable scenario is already priced in.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (HK$0.8200 to HK$1.81) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$7.53 HK$1.62 Fair Value HK$1.25 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.

How to read this chart

60‑month range HK$1.62 – HK$7.53 · fair‑value band HK$0.8200 – HK$1.81 · the HK$7.07 price screens above the HK$1.25 fair value. Dashed = 300-day average. As of Aug 15, 2026.

Full chart & analysis →

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Analysis

Crystal International Group Ltd (2232) currently trades at HK$7.07, while our model-based Fair Value estimate is HK$1.25, implying the stock looks roughly 82.3% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Crystal International Group Ltd generated revenue of HK$2.6B at a net margin of 8.5%. Revenue grew 2.6% year over year. It earns a return on equity of 14.3%. The balance sheet holds a net cash position of HK$342M. Fundamentals as of Aug 15, 2026

Our scenario range runs from HK$0.8200 (bear case) to HK$1.81 (bull case); at HK$7.07, the current price sits above 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 6% below its 52-week high and 55% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 27% fair-value upside, at -82%, 2232 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$0.6200 HK$0.8300 HK$1.12 80
Residual Income HK$0.5500 HK$0.6700 HK$1.29 76
Rev-Margin DCF HK$0.7800 HK$1.18 HK$1.62 74
All 25 models by family
DCF Models
FCF DCF HK$0.6100 HK$0.8400 HK$1.18 38
Owner Earnings HK$0.7600 HK$1.07 HK$1.52 31
5Y Revenue Exit HK$0.7800 HK$1.18 HK$1.68 39
5Y EBITDA Exit HK$0.9300 HK$1.46 HK$2.07 41
5Y P/E Exit HK$1.04 HK$1.66 HK$2.29 38
10Y Revenue Exit HK$0.6900 HK$1.04 HK$1.49 36
10Y EBITDA Exit HK$0.8100 HK$1.23 HK$1.78 37
10Y P/E Exit HK$0.8800 HK$1.36 HK$1.94 35
Earnings-Based
Graham-Dodd HK$0.5400 HK$1.42 HK$1.86 54
PEG = 1.0 HK$0.2700 HK$0.3900 HK$0.5100 46
EPV HK$0.8400 HK$0.9600 HK$1.07 59
Dividend Discount
Gordon GGM HK$0.4800 HK$0.9900 HK$1.58 70
DDM Multi-Stage HK$0.4800 HK$0.7400 HK$1.02 61
Multiples
P/E Multiple HK$1.30 HK$1.73 HK$2.17 63
P/S Multiple HK$0.8300 HK$1.11 HK$1.39 58
P/B Multiple HK$1.00 HK$1.34 HK$1.67 55
EV/EBIT HK$1.39 HK$1.82 HK$2.24 53
EV/EBITDA HK$1.25 HK$1.62 HK$1.99 54
EV/Revenue HK$0.9100 HK$1.24 HK$1.58 43
Asset-Based
NCAV (Graham) HK$0.2800 HK$0.3800 HK$0.5600 50
Growth DCF
Growth DCF HK$0.6200 HK$0.8300 HK$1.12 80
Rev-Margin DCF HK$0.7800 HK$1.18 HK$1.62 74
Economic Profit
Residual Income HK$0.5500 HK$0.6700 HK$1.29 76
ROIC Compounder HK$0.8800 HK$1.07 HK$1.28 72
Growth Earnings
Growth-Adj P/E HK$1.02 HK$1.45 HK$1.89 68

Widest divergence: Growth Earnings (HK$1.45) versus Asset-Based (HK$0.3800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$2.6B
Revenue growth (YoY) +2.6%
Net margin 8.5%
Return on equity 14.3%
Free cash flow HK$124M FY2025
P/E ratio 9.3 as of Jul 2, 2026
More key figures
Operating margin 10.8%
EPS (TTM) HK$0.0300
Dividend yield 0.9%
EPS growth (YoY) +8.5%
Net cash HK$342M FY2025

Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 66 · Market factors (momentum, volatility) 64

Profitability 60
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 74
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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.

About the company

Crystal International Group Limited, together with its subsidiaries, engages in the manufacturing and trading of garments in the Asia Pacific, North America, Europe, and internationally. The company offers lifestyle wear, denim, intimate, sweater, and sportswear and outdoor apparel products.

Full company description

Crystal International Group Limited, together with its subsidiaries, engages in the manufacturing and trading of garments in the Asia Pacific, North America, Europe, and internationally. The company offers lifestyle wear, denim, intimate, sweater, and sportswear and outdoor apparel products. It also provides value-added services, including printing, washing, and embroidery. The company was founded in 1970 and is headquartered in Kowloon City, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Crystal International Group Ltd reported revenue of HK$2.6B in FY2025 versus HK$2.3B in FY2021, a compound +3.1%/yr. Reported net income was HK$225M in FY2025, compounding +8.3%/yr from FY2021.

Growth Quality 71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$2.6B
Latest YoY
+6.9%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.0%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.9%
Avg. growth/yr (11Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Revenue +3.1%/yr
FY21 HK$2.3B
FY22 HK$2.5B
FY23 HK$2.2B
FY24 HK$2.5B
FY25 HK$2.6B
Net income +8.3%/yr
FY21 HK$163M
FY22 HK$173M
FY23 HK$163M
FY24 HK$200M
FY25 HK$225M
Character of growth · EPS growth decomposed (2014-2025) +8.0 % p.a.
Revenue per share +3.1 pp

of which total revenue +3.9 pp · buybacks/dilution −0.8 pp

EBIT margin +4.1 pp
Tax rate −0.5 pp
Residual (interest, one-offs) +1.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

2232 screens 82% overvalued. Compare with H & M Hennes & Mauritz AB →

Run the numbers yourself: free valuation calculators
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Crystal International Group Ltd · Fair Value
HK$1.25 −82%Fair Value
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Cite: Fair Value Calculator (2026). "Crystal International Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2232

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.

Quality Score 68 · Top 25%
Fair Value upside −82% · Bottom 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 11% · Above median
Revenue growth 3% · Above median
Dividend yield (TTM) 0.9% · Bottom 25%

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 9.3× · Cheaper than 75% of peers
P/B 1.30× · Pricier than median
P/S (TTM) 0.79× · Pricier than median
P/FCF 16.9× · Pricier than 75% of peers
EV/EBITDA 5.2× · Cheaper than median

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.

VALUE 0 · sector 30
FUTURE 13 · sector 5
PAST 57 · sector 21
HEALTH 100 · sector 98
DIVIDEND 18 · sector 55

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 174.25 kr 165.47 -5%
LPP SA LPP 22,220 PLN 17,754 PLN -20%
Bosideng International Holdings 3998 HK$4.65 HK$5.92 +27%
Youngor Fashion Co 600177 ¥7.78 ¥5.59 -28%
Page Industries Limited PAGEIND ₹38,295 ₹12,395 -68%
Hla Group 600398 ¥6.07 ¥9.92 +63%
Youngone Corporation 111770 85,200 KRW 188,736 KRW +122%
F&F Co 383220 68,800 KRW 179,500 KRW +161%
Youngone Holdings 009970 188,300 KRW 697,038 KRW +270%
Wiselink Co 8932 105.00 TWD 37.95 TWD -64%

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Frequently asked questions

Is Crystal International Group Ltd (2232) overvalued or undervalued?
As of Aug 15, 2026, our model estimates a fair value of HK$1.25 versus a price of HK$7.07, about −82% (overvalued).
What is the fair value of 2232?
Our model-based fair value for Crystal International Group Ltd is HK$1.25 (as of Aug 15, 2026), built from audited fundamentals. The current price is HK$7.07.
What is the quality score of 2232?
Crystal International Group Ltd has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Crystal International Group Ltd (2232)?
Crystal International Group Ltd reported trailing-twelve-month revenue of about HK$2.6B (latest available figure, as of Aug 15, 2026).
What is the net profit margin of 2232?
The net profit margin of Crystal International Group Ltd is about 8.5%, meaning it keeps roughly 8.5% of revenue as net income. Based on the latest reported figures.
Does Crystal International Group Ltd pay a dividend?
Crystal International Group Ltd currently shows a dividend yield of about 0.92% relative to its recent price (as of Aug 15, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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