1. Hong Kong Stocks

  2. •

    Consumer non-durables

  3. •

    Apparel/Footwear
Tristate Holdings Limited

Tristate Holdings Limited

HHKEX:458
1.98
HKD
+0.17
(+9.42%)
492.26MMarket Cap
Tristate Holdings Limited
HKEX:458
(Hong Kong Exchange)

Recent

price

1.98

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
HKD
11.29
12.15
12.53
13.3
13.21
9.27
8.3
7.08
9.49
11.05
8.38
11.18
13.74
15.52
15.37
13.28
- -
Revenue per Share
0.73
0.93
0.4
0.16
0.55
-0.17
-0.31
-0.24
-0.3
-0.14
-0.62
0.08
0.11
0.63
0.57
0.46
- -
Basic EPS, GAAP
0.22
0.93
-0.34
0.26
-0.12
-0.2
0.01
0.26
-0.6
0.14
0.61
0.55
-0.11
1.37
0.89
0.54
- -
Free Cash Flow per Basic Share
0.16
0.39
0.29
0.09
0.06
0.06
- -
- -
- -
- -
- -
- -
- -
0.06
0.25
0.17
- -
Dividend per Share
4.4
5.04
5.18
5.38
5.73
5.09
4.56
4.77
4.34
4.19
3.81
3.78
3.76
4.35
4.5
5.11
5.11
Book Value per Share
3.29
4.13
4.33
4.72
5.38
4.4
3.86
4
2.53
2.51
2.2
2.3
1.11
2.02
2.39
4.03
4.03
Tangible Book Value per Share
269
269
270
271
271
271
272
272
272
272
272
272
272
272
272
273
273
Basic Weighted Avg Shares
3,035
3,273
3,388
3,600
3,580
2,516
2,254
1,923
2,578
3,001
2,277
3,038
3,731
4,216
4,184
3,626
- -
Sales/Revenue/Turnover
6.6
8.43
4.37
3.69
2.53
-7.31
-6.5
-4.95
-2.28
0.3
-3.93
5.37
5.54
8.49
7.08
3.65
- -
Operating Margin (%)
77
83
88
129
145
156
94
63
82
164
211
203
206
241
250
222
- -
Depreciation Expense
197
250
109
43
148
-46
-84
-64
-80
-39
-169
21
31
171
156
125
- -
Net Income, GAAP
10.87
14.76
33.51
50.98
37.31
- -
- -
- -
- -
- -
- -
65.44
67.14
27.18
33.94
26.54
- -
Effective Tax Rate (%)
6.48
7.63
3.22
1.21
4.14
-1.82
-3.73
-3.34
-3.12
-1.29
-7.44
0.7
0.82
4.06
3.73
3.45
- -
Profit Margin (%)
467
620
616
652
866
658
672
675
590
504
431
540
530
737
808
863
863
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
145
158
117
127
145
124
148
148
LT Debt
1,184
1,361
1,401
1,457
1,553
1,382
1,236
1,293
1,177
1,137
1,038
1,036
1,039
1,205
1,256
1,424
1,424
Total Equity
15.05
16.11
6.38
2.36
7.45
- -
- -
- -
- -
- -
- -
2.95
4.28
15.05
13.17
10.53
- -
Return on Invested Capital (%)
16.1
17.48
7.16
2.8
8.1
- -
- -
- -
- -
- -
- -
1.85
3.11
14.65
12.77
10.12
- -
Return on Capital (%)
18.14
19.63
7.9
3.04
9.86
-3.11
-6.42
-5.07
-6.5
-3.35
-15.59
2.05
3.01
15.56
12.96
9.53
- -
Return on Common Equity (%)

Capital Structure

HKD

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
108
168
98
LT Borrowings
- -
- -
- -
LT Finance Leases
124
159
148
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
273
273
273
Market Capitalization
682
684
492

Working Capital

HKD

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
1,785
1,824
1,757
Cash, Cash Equivalents & STI
456
336
460
Accounts Receivable, Net
453
541
488
Inventories
781
855
710
Total Current Liabilities
977
1,016
894
Payables & Accruals
- -
- -
- -
ST Debt
108
168
98
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.67%
6.74%
13.42%
Free Cash Flow
89.37%
-316.27%
-39.16%
Net Income, GAAP
73.13%
72.17%
-19.83%
Sales/Revenue/Turnover
5.64%
11.02%
-13.33%
Total Cash Common Dividend
- -
- -
-31.78%

Semi-annual Revenue

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
4,216
2024
- -
- -
4,184
2025
- -
- -
3,626

Semi-annual Earnings Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.63
2024
- -
- -
0.57
2025
- -
- -
0.46

Semi-annual Dividends Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.06
2024
- -
- -
0.25
2025
- -
- -
0.17
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Business
Tristate Holdings Limited, an investment holding company listed on the Hong Kong Stock Exchange (0458.HK), engages in garment manufacturing and brands business segments. Founded in 1937 and headquartered in Kwai Chung, Hong Kong, with its registered office in Hamilton, Bermuda, the company operates factories across China, Vietnam, Thailand, Myanmar, Philippines and other Asian countries; conducts wholesale, retail and e-commerce sales primarily in Europe (Italy, UK, France), China, Canada, Singapore and the United States; and serves premium and better apparel markets for global brands. It is a subsidiary of Silver Tree Holdings Inc. and employs approximately 6,530 people. In the garment manufacturing segment, Tristate produces fashion garments including suits, coats, jackets, skirts, pants, sportswear, athletic clothing and outerwear for men and women; operates through premium factories in China and Thailand for complex products, and cost-competitive better business facilities in Vietnam and Myanmar; and provides sales liaison, design, technical support, general administrative, nominee, secretarial and customer support services. In the brands business, the company owns the C.P. Company trademark and Cissonne ladies wear brand with seven stores in major Chinese cities; distributes and retails C.P. Company via 11 directly managed European stores and e-commerce (management internalized from May 2024), Massimo Osti Studio apparel (licence signed January 2024 for 10 years with option to acquire 45% stake in MO IP Srl from January 2027), Nautica (78 directly managed plus 65 partner stores in China as of end-2024), Spyder (48 stores in China as of end-2024) and Spyder; and holds licences for Reebok athletic footwear, clothes and related products primarily via mono-brand stores and e-commerce in China and Hong Kong (36 stores as of end-2024), with ongoing strategic review of the licence term amid portfolio optimization. Recent developments include expansion of Vietnam factory capacity in first-quarter 2024 and plans for further 2025 growth to meet demand amid US-China trade tensions; addition of three C.P. Company direct retail stores in Hamburg, Metzingen and Serravalle in 2024; optimization of Nautica store portfolio with closures of underperformers; planned construction of a new three-storey logistics facility in Hefei, China (contract awarded April 2025); and revenue decline in 2024 to HK$4.18 billion with profit attributable to shareholders at HK$156 million, driven by strong garment manufacturing offset by brands segment losses. In first-half 2025 interim results, revenue fell 13% to HK$1.68 billion with profit of HK$3.5 million, reflecting seasonal patterns and brands challenges; the board declined an interim dividend but confirmed final 2024 payout of HK$0.17 per share paid July 2025.