EarningsRaise earnings by 4% in FY24-25E and TP to HKD20.1 on steady 2025 outlook and attractive yield of 9.7%; BUY.
Order VisibilityStella sees good order visibility, especially in the sports segment, and explores capacity expansion to support growth in higher-margin luxury / premium segments.
Shareholder ReturnsStella is committed to improving shareholder returns in the form of share repurchase or form of dividend of up to USD60mn a year for three years (2024-26), on top of its dividend payout of c.70%.