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Hong Kong-based footwear manufacturer that designs and makes casual, outdoor and fashion shoes for global brands.
Hong Kong-based footwear manufacturer that designs and makes casual, outdoor and fashion shoes for global brands.
Makes shoes to brands' designs and specifications and is paid per pair at prices agreed with each brand, so orders from a handful of fashion and outdoor customers decide output. It has been moving production from China toward Southeast Asia to broaden its manufacturing base.
Moat: narrow (process know-how, customer qualification). Deep design-to-production expertise for premium footwear brands, but still contract manufacturing economics.
Headquarters: Hong Kong · Employees: 45,400
Size Stella International (1836.HK) is a Hong Kong Consumer Discretionary company (Apparel/Footwear) with a market value of $1.47B, the 498th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$13.68 on 6 Nov 2026.
Performance Over six months the shares fell 9.8%, against -4.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +7.0%); the operating margin is 8.0% (peer median 9.3%).
Valuation It trades at 11.8× forward earnings against a peer median of 12.8× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.2 points above its cost of capital (5.3% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$12.4B | HK$12.2B | HK$12.1B | HK$11.7B | HK$12.8B |
| Revenue growth | — | +2% | +3% | -8% | — |
| Gross profit | HK$2.55B | HK$2.67B | HK$3.00B | HK$2.87B | HK$2.76B |
| EBITDA | HK$1.45B | HK$1.55B | HK$1.71B | HK$1.59B | HK$1.49B |
| Net income | HK$964M | HK$1.08B | HK$1.33B | HK$1.10B | HK$924M |
| Free cash flow | HK$228M | HK$903M | HK$1.66B | HK$1.34B | HK$1.44B |
| Capital expenditure | HK$955M | HK$711M | HK$523M | HK$530M | HK$454M |
| Total debt | n/a | HK$127M | HK$93.2M | HK$119M | HK$173M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Stella International 1836.HK | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% |
| Yue Yuen Industrial (Holdings) 0551.HK | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% |
| Pou Chen 9904.TW | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% |
| Feng Tay Enterprise 9910.TW | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% |
| Eclat Textile 1476.TW | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1836.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.5% | +2.3% | 2nd highest of 21 |
| 6-month return | -9.8% | -4.0% | 9th lowest of 21 |
| Distance from 52-week high | -18.6% | -30.6% | 6th highest of 21 |
| Revenue growth (TTM) | +2.3% | +7.0% | 8th lowest of 21 |
| Operating margin | 8.0% | 9.3% | 9th lowest of 21 |
| Forward P/E | 11.8× | 12.8× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.5% | -3.7% | 4th least demanding of 15 |
| Growth delivered (Del g) | +6.8% | +7.5% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -16.3 pp | -14.5 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +6.2 pp | +3.8 pp | 7th highest of 21 |
| EV / EBITDA | 7.0× | 8.9× | 8th cheapest of 17 |
| Net debt / EBITDA | -1.0× | -0.4× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| Makalot Industrial 1477.TW | Taiwan | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% | +6.7% |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 70.6× | 10.1% | +8.1% |
| Wolverine World Wide WWW | United States | $1.75B | +28% | +7% | 9% | 12.1× | 9.1% | +0.9% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| F&F 383220.KS | South Korea | $1.80B | -3% | +7% | 25% | 5.1× | n/a | n/a |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| Vestis VSTS | United States | $1.88B | +54% | 0% | 4% | 20.0× | 15.8% | +1.3% |
| Goldwin 8111.T | Japan | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% | +8.7% |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |