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Forward Fashion (International) Holdings

SEHK:2528
Snowflake Description

Good value with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2528
SEHK
HK$396M
Market Cap
  1. Home
  2. HK
  3. Retail
Company description

Forward Fashion (International) Holdings Company Limited engages in the retail of fashion apparel in Greater China. The last earnings update was 6 days ago. More info.


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  • Forward Fashion (International) Holdings has significant price volatility in the past 3 months.
2528 Share Price and Events
7 Day Returns
1%
SEHK:2528
-3.6%
HK Specialty Retail
0.2%
HK Market
1 Year Returns
-
SEHK:2528
-23%
HK Specialty Retail
-22%
HK Market
2528 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Forward Fashion (International) Holdings (2528) 1% 7.6% - - - -
HK Specialty Retail -3.6% -15.7% -20.5% -23% -21% -33.3%
HK Market 0.2% -10.6% -15.8% -22% -13.4% -28.8%
1 Year Return vs Industry and Market
  • No trading data on 2528.
  • No trading data on 2528.
Price Volatility
Industry
5yr Volatility vs Market

2528 Value

 Is Forward Fashion (International) Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Forward Fashion (International) Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Forward Fashion (International) Holdings.

SEHK:2528 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 10.8%
Perpetual Growth Rate 10-Year HK Government Bond Rate 1.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:2528
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 1.6%
Equity Risk Premium S&P Global 6.1%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.736 (1 + (1- 25%) (188.8%))
1.522
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.52
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.55% + (1.522 * 6.07%)
10.79%

Discounted Cash Flow Calculation for SEHK:2528 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Forward Fashion (International) Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SEHK:2528 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 10.79%)
2020 161.04 Est @ 7.69% 145.35
2021 170.46 Est @ 5.85% 138.88
2022 178.23 Est @ 4.56% 131.07
2023 184.75 Est @ 3.66% 122.63
2024 190.34 Est @ 3.03% 114.04
2025 195.25 Est @ 2.58% 105.59
2026 199.69 Est @ 2.27% 97.48
2027 203.80 Est @ 2.06% 89.79
2028 207.68 Est @ 1.9% 82.59
2029 211.41 Est @ 1.8% 75.89
Present value of next 10 years cash flows HK$1,103.00
SEHK:2528 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$211.41 × (1 + 1.55%) ÷ (10.79% – 1.55%)
HK$2,323.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$2,323.94 ÷ (1 + 10.79%)10
HK$834.25
SEHK:2528 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$1,103.00 + HK$834.25
HK$1,937.25
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$1,937.25 / 400.00
HK$4.84
SEHK:2528 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$4.84
Current discount Discount to share price of HK$0.99
= -1 x (HK$0.99 - HK$4.84) / HK$4.84
79.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Forward Fashion (International) Holdings is available for.
Intrinsic value
>50%
Share price is HK$0.99 vs Future cash flow value of HK$4.84
Current Discount Checks
For Forward Fashion (International) Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Forward Fashion (International) Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Forward Fashion (International) Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Forward Fashion (International) Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Forward Fashion (International) Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:2528 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in HKD HK$0.12
SEHK:2528 Share Price ** SEHK (2020-04-06) in HKD HK$0.99
Hong Kong Specialty Retail Industry PE Ratio Median Figure of 35 Publicly-Listed Specialty Retail Companies 8.85x
Hong Kong Market PE Ratio Median Figure of 1,465 Publicly-Listed Companies 9.09x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Forward Fashion (International) Holdings.

SEHK:2528 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:2528 Share Price ÷ EPS (both in HKD)

= 0.99 ÷ 0.12

7.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Forward Fashion (International) Holdings is good value based on earnings compared to the HK Specialty Retail industry average.
  • Forward Fashion (International) Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Forward Fashion (International) Holdings's expected growth come at a high price?
Raw Data
SEHK:2528 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.99x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Hong Kong Specialty Retail Industry PEG Ratio Median Figure of 14 Publicly-Listed Specialty Retail Companies 0.48x
Hong Kong Market PEG Ratio Median Figure of 484 Publicly-Listed Companies 0.64x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Forward Fashion (International) Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Forward Fashion (International) Holdings's assets?
Raw Data
SEHK:2528 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in HKD HK$0.80
SEHK:2528 Share Price * SEHK (2020-04-06) in HKD HK$0.99
Hong Kong Specialty Retail Industry PB Ratio Median Figure of 62 Publicly-Listed Specialty Retail Companies 0.8x
Hong Kong Market PB Ratio Median Figure of 2,244 Publicly-Listed Companies 0.71x
SEHK:2528 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:2528 Share Price ÷ Book Value per Share (both in HKD)

= 0.99 ÷ 0.80

1.24x

* Primary Listing of Forward Fashion (International) Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Forward Fashion (International) Holdings is overvalued based on assets compared to the HK Specialty Retail industry average.
X
Value checks
We assess Forward Fashion (International) Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Specialty Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Specialty Retail industry average (and greater than 0)? (1 check)
  5. Forward Fashion (International) Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

2528 Future Performance

 How is Forward Fashion (International) Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Forward Fashion (International) Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.1%
Expected Specialty Retail industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Forward Fashion (International) Holdings expected to grow at an attractive rate?
  • Unable to compare Forward Fashion (International) Holdings's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Forward Fashion (International) Holdings's earnings growth to the Hong Kong market average as no estimate data is available.
  • Unable to compare Forward Fashion (International) Holdings's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:2528 Future Growth Rates Data Sources
Data Point Source Value (per year)
Hong Kong Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 22.1%
Hong Kong Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 10.3%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 9.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:2528 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:2528 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
SEHK:2528 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-12-31 1,514 37
2019-03-31 1,392 239 98
2018-12-31 1,345 296 104
2017-12-31 1,067 321 61

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Forward Fashion (International) Holdings is high growth as no earnings estimate data is available.
  • Unable to determine if Forward Fashion (International) Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:2528 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Forward Fashion (International) Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:2528 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
SEHK:2528 Past Financials Data
Date (Data in HKD Millions) EPS *
2019-12-31 0.12
2019-03-31 0.33
2018-12-31
2017-12-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Forward Fashion (International) Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Forward Fashion (International) Holdings is trading at Forward Fashion (International) Holdings'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Forward Fashion (International) Holdings's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Retail companies here
  3. Forward Fashion (International) Holdings's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Forward Fashion (International) Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Forward Fashion (International) Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

2528 Past Performance

  How has Forward Fashion (International) Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Forward Fashion (International) Holdings's growth in the last year to its industry (Specialty Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Insufficient data to establish if Forward Fashion (International) Holdings's year on year earnings growth rate was positive over the past 5 years.
  • Forward Fashion (International) Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Forward Fashion (International) Holdings's 1-year earnings growth is negative, it can't be compared to the HK Specialty Retail industry average.
Earnings and Revenue History
Forward Fashion (International) Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Forward Fashion (International) Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:2528 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,513.82 37.17 725.06
2019-03-31 1,391.61 97.80 621.44
2018-12-31 1,344.87 103.94 580.38
2017-12-31 1,066.63 60.79 484.45
2016-12-31 950.15 7.93 450.18

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Forward Fashion (International) Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Forward Fashion (International) Holdings used its assets less efficiently than the HK Specialty Retail industry average last year based on Return on Assets.
  • Forward Fashion (International) Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Forward Fashion (International) Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Specialty Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Forward Fashion (International) Holdings has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

2528 Health

 How is Forward Fashion (International) Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Forward Fashion (International) Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Forward Fashion (International) Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Forward Fashion (International) Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Forward Fashion (International) Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Forward Fashion (International) Holdings Company Filings, last reported 3 months ago.

SEHK:2528 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 238.06 344.46 79.34
2019-03-31 237.60 380.81 118.48
2018-12-31 203.67 327.53 88.25
2017-12-31 111.88 322.85 86.82
2016-12-31 74.61 358.41 47.49
  • Forward Fashion (International) Holdings's level of debt (144.7%) compared to net worth is high (greater than 40%).
  • Unable to establish if Forward Fashion (International) Holdings's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (69.3%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Forward Fashion (International) Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Forward Fashion (International) Holdings has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

2528 Dividends

 What is Forward Fashion (International) Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.05%
Current annual income from Forward Fashion (International) Holdings dividends.
If you bought HK$2,000 of Forward Fashion (International) Holdings shares you are expected to receive HK$101 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Forward Fashion (International) Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.7%).
  • Forward Fashion (International) Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (7.25%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:2528 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Hong Kong Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 5.3%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 938 Stocks 4.3%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.3%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.7%
Hong Kong Top 25% Dividend Yield 75th Percentile 7.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:2528 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
SEHK:2528 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2020-03-31 0.050 5.038

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Forward Fashion (International) Holdings has stable dividend payments.
  • Forward Fashion (International) Holdings only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Forward Fashion (International) Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Forward Fashion (International) Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Forward Fashion (International) Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Forward Fashion (International) Holdings has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

2528 Management

 What is the CEO of Forward Fashion (International) Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Xingyi Chen
AGE 42
CEO Bio

Ms. Xingyi Chen is the Chief Executive Officer and Executive Director at Forward Fashion (International) Holdings Company Limited. She has been the director at Forward Fashion (International) Holdings Company Limited since July 26, 2019. She was subsequently promoted as the general manager of Shenzhen Shouwei in January 2011 and was further promoted as the chief operating officer of Forward Fashion (International) Holdings Company Limited in January 2013. Ms. Chen obtained a certificate in business English from the Shenzhen Polytechnic in the PRC in June 1998. She obtained her business English certificate 1 and business English certificate 2 from the University of Cambridge Local Examinations Syndicate in October 1996 and in September 1997, respectively.

CEO Compensation
  • Insufficient data for Xingyi to compare compensation growth.
  • Insufficient data for Xingyi to establish whether their remuneration is reasonable compared to companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Forward Fashion (International) Holdings management team in years:

1.7
Average Tenure
42
Average Age
  • The average tenure for the Forward Fashion (International) Holdings management team is less than 2 years, this suggests a new team.
Management Team

Patrick Fan

TITLE
Executive Chairman of the Board
AGE
63

Xingyi Chen

TITLE
CEO & Executive Director
AGE
42

Kevin Trantallis

TITLE
CFO, Company Secretary & Executive Director
AGE
44

Dorothy Fung

TITLE
Junior Human Resources Director
AGE
40
TENURE
2.7 yrs

Yat Ming Fong

TITLE
Executive Director
AGE
33
TENURE
0.8 yrs

Tammy Fan

TITLE
Executive Director
AGE
30
TENURE
0.8 yrs

Chin Chung Choi

TITLE
Senior IT Manager
AGE
44
TENURE
4.1 yrs
Board of Directors Tenure

Average tenure and age of the Forward Fashion (International) Holdings board of directors in years:

0.8
Average Tenure
42.5
Average Age
  • The average tenure for the Forward Fashion (International) Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Patrick Fan

TITLE
Executive Chairman of the Board
AGE
63

Xingyi Chen

TITLE
CEO & Executive Director
AGE
42
TENURE
0.8 yrs

Kevin Trantallis

TITLE
CFO, Company Secretary & Executive Director
AGE
44
TENURE
0.9 yrs

Yat Ming Fong

TITLE
Executive Director
AGE
33
TENURE
0.8 yrs

Tammy Fan

TITLE
Executive Director
AGE
30
TENURE
0.8 yrs

Chun Kau Yu

TITLE
Independent Non-Executive Director
AGE
46
TENURE
0.3 yrs

Kwok Keung Chau

TITLE
Independent Non-Executive Director
AGE
43
TENURE
0.3 yrs

Anthony Cheung

TITLE
Independent Non-Executive Director
AGE
36
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
X
Management checks
We assess Forward Fashion (International) Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Forward Fashion (International) Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

2528 News

Simply Wall St News

2528 Company Info

Description

Forward Fashion (International) Holdings Company Limited engages in the retail of fashion apparel in Greater China. It operates mono-brand stores that sells products of 30 international brands, such as BLACKBARRETT, CK CALVIN KLEIN, Calvin Klein Jeans, Calvin Klein Performance, Calvin Klein Underwear, EA7, Ed Hardy, Hogan, Moschino, Neil Barrett, Philipp Plein, Tommy Hilfiger, Under Armour, etc.; and operates multi-brand stores under the store names of UM, UM Junior, UM Club, or WF Fashion. It also sells footwear, cosmetic and skincare, designer home accessories, artistic ornaments, and other lifestyle products in its retail stores; and products through the online e-shop platform TMALL.com. The company operates 215 self-operated retail stores, including 182 mono-brand stores and 33 multi-brand stores. Forward Fashion (International) Holdings Company Limited was founded in 2005 and is headquartered in Tsim Sha Tsui, Hong Kong.

Details
Name: Forward Fashion (International) Holdings Company Limited
2528
Exchange: SEHK
Founded: 2005
HK$396,000,000
400,000,000
Website: http://www.forward-fashion.com
Address: Forward Fashion (International) Holdings Company Limited
The Gateway,
Tower 6,
Tsim Sha Tsui,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 2528 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 13. Jan 2020
Number of employees
Current staff
Staff numbers
1,564
Forward Fashion (International) Holdings employees.
Industry
Apparel Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 13:38
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2019/12/30
Last earnings filing: 2020/03/31
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.