Crystal International Group Limited

2232.HK · Consumer Cyclical · Apparel Manufacturing · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.81B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.70B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.61B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.37B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.31B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.03×

the ratio the screener ranks by

Margin of Safety

+2.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.81B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.29B USD
+②Net Cash Today347.02M USD
+③Growth Value174.20M USD
=Value2.81B USD

EPV of the Operations (NOPAT over WACC)

2.29B USD

Net cash today

+347.02M USD

Growth Value

+174.20M USD

Value

2.81B USD

①EPV (earnings power value)

2.29B USD

②Net Cash Today

347.02M USD

③Growth Value

174.20M USD

Market value

Market Cap2.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+17.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.70B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE1.71B USD
+②Equity at Year 15, Today994.92M USD
=Value2.70B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.71B USD

②Equity at Year 15, Today

994.92M USD

Market value

Market Cap2.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+14.4%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.61B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 1.61B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap2.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-43.5%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 8.49%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.61×Market Risk Premium 6.00%= 8.19%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 53.74M USDPretax Income 278.80M USD= 19.27%

The tax the interest saves.

Interest Expense =EBIT 291.29M USD−Pretax Income 278.80M USD= 12.49M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 12.49M USDTotal Debt 35.68M USD×(1 − Tax Rate for WACC 19.27%)= 28.26%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 35.68M USDMarket Cap + Total Debt 2.31B USD + 35.68M USD= 1.52%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 98.48%×Cost of Equity 8.19%+Debt Weight 1.52%×Cost of Debt 28.26%= 8.49%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 2.19B USD − Total Liabilities 573.86M USD = Book Value Today 1.61B USD

Total Debt 35.68M USD − Cash and Short-Term Investments 382.69M USD = Net Debt Today -347.02M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes2,852,822,000 / 2,852,822,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.9%at least -10.0%passes(266.69M USD − 224.88M USD) ÷ 2.19B USD
Price to bookMarket Cap ÷ Book Value Today1.43×at most 3×passes2.31B USD ÷ 1.61B USD
Operating marginOperating Income ÷ Revenue10.0%above 10.0%does not pass264.08M USD ÷ 2.64B USD
Revenue growthRevenue ÷ Revenue a Year Before − 16.9%above 10.0%does not pass2.64B USD / 2.47B USD
Net cash(Cash − Total Debt) ÷ Market Cap15.0%above -30%passes(382.69M USD − 35.68M USD) ÷ 2.31B USD
Operating efficiencyOperating Income ÷ Gross Profit50.2%above 25.0%passes264.08M USD ÷ 526.22M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

6.37 HKD

Enterprise value

17.74B HKD

the provider's own figure

EV / EBITDA

51.67×

Price / book

1.41×

the provider's book

Price / earnings

9.93×

Return on equity

14.8%

the provider's figure, not this page's

Profit margin

8.7%

Revenue growth

5.4%

Analyst target, mean

8.38 HKD

Analysts

10

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

2.49B2.18B2.47B2.64B

Gross profit

463.81M418.20M486.71M526.22M

Operating income

199.93M184.28M233.42M264.08M

EBITDA

operating income before depreciation and amortisation

316.51M293.08M344.11M377.53M

Pretax income

212.91M195.28M248.36M278.80M

Net income

172.90M163.64M200.70M224.88M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

171.39M161.93M203.34M221.05M

R&D

34.39M32.43M32.47M34.59M
Balance sheet, year end

Total assets

1.90B1.98B2.26B2.19B

Total liabilities

550.22M536.20M719.73M573.86M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.34B1.44B1.53B1.61B

Total debt

132.65M89.98M174.87M35.68M

Cash and equivalents

455.51M543.99M427.14M382.69M

Net PP&E

fixed assets after depreciation

706.36M672.45M737.61M825.13M

Working capital

current assets less current liabilities

531.24M654.53M696.10M694.15M
Cash flow

Operating cash flow

349.50M313.29M105.64M266.69M

Capital expenditure

paid out, so below zero

-91.84M-43.97M-108.90M-146.38M

Depreciation and amortisation

92.61M84.47M84.51M86.24M

Free cash flow

operating cash flow plus capital expenditure

257.66M269.32M-3.25M120.31M