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Giordano International Limited

GRDZF
48
Apparel - Retail · Consumer Cyclical
Price
$0.17
+0.00 (+0.00%)
Market Cap
$275.1M
Exchange
Other OTC
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Good

Share count rising — dilution

+2.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.58B (2021) → 1.62B (2025)

§Winston Score History

The full picture

Giordano International is a clothing retailer based in Hong Kong that sells affordable, casual apparel for men, women, and children. Its stores carry basics like polo shirts, t-shirts, and khakis under the Giordano, Giordano Ladies, and BSX brands. The company is one of the most recognized mass-market apparel chains across Asia and the Middle East.

Giordano makes money by selling clothes through its own retail stores, franchise locations, and online channels. It operates in markets including mainland China, Southeast Asia, the Gulf states, and Australia, with over a thousand points of sale. The brand's strength lies in its wide regional footprint and reputation for simple, value-priced basics. Key growth depends on expanding in Southeast Asia and the Middle East, though the company faces ongoing risk from weak consumer spending in Greater China and intense competition from fast-fashion and e-commerce rivals.

Score breakdown

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Quality

Profit per sale
Gross Margin
43.9%
Healthy — 43.9% gross margin
Profit after running costs
Operating Margin
7.4%
Modest — 7.4% operating margin
Return on the money invested
ROCE
10.2%
Below par — 10.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-3.0%
Shrinking sales (-3.0% YoY)
Profit growth
EPS YoY
-6.4%
Earnings shrinking (-6.4% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
138%
Turns 138% of profit into real cash
Spare cash per sale
FCF Margin
6.5%
Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
3.75x
Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.1x
Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
20.07%
Healthy income — 20.07% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-50.4%
Dividend cut (-50.4% YoY) — warning sign

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