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Time Watch Investments Limited logo

Time Watch Investments Limited

2033.HK

HKSEConsumer CyclicalApparel - Footwear & Accessories

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Latest quote

HK$0.22

−HK$0.013 · -5.58%

Aug 25, 3:01 PM HKT

2033.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Time Watch Investments Limited operates as an investment holding company, deeply embedded in the horology market of the People's Republic of China. This enterprise is comprehensively engaged in the production, brand management, and retail distribution of timepieces. Its business activities are structured across four main divisions: the Tian Wang Watch segment, the Balco Watch segment, Watch Movements Trading, and the Other Brands (PRC) segment. The company manages the full lifecycle for its proprietary Tian Wang and Balco brands, from design and manufacturing to wholesale and direct retail. Furthermore, Time Watch Investments supplies watch movements to other industry manufacturers and distributors, handles the distribution of both its own and internationally licensed watch brands, and provides expert marketing and consulting services. A supplementary facet of its operations includes property investment. By the end of June 2021, the company commanded a significant retail footprint, operating 2,206 sales points. Established in 1988, Time Watch Investments Limited is headquartered in Kowloon, Hong Kong, and functions as a subsidiary of Red Glory Investments Limited.

Industry
Apparel - Footwear & Accessories
Sector
Consumer Cyclical
Headquarters
HK
CEO
Koon Ming Tung
Listed since
Feb 5, 2013
Employees
2,100

Market position

Day range

Current HK$0.22

52-week range

Current HK$0.22

Open
HK$0.233
Previous close
HK$0.233
Volume
474K
14.3× average
Average volume
33.16K
Average daily volume
Market cap
452.77M HKD
Beta
0.39
Market reference 1
50-day average
HK$0.2476
-11.15% below average
200-day average
HK$0.2999
-26.64% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
-271.96M HKD
P/E (TTM)
-10.43×
P/B (TTM)
0.2×
P/S (TTM)
0.72×
EV / EBITDA
7.58×
Earnings yield
-2.62%
Free cash flow yield
10.72%
Dividend yield
4.55%

Profitability & efficiency

Gross margin
67.69%
Operating margin
-13.83%
Net margin
-6.93%
Return on equity
-0.78%
Return on assets
-0.71%
Return on invested capital
-3.55%

Financial health

Debt / equity
0.03×
Current ratio
8.82×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends84%49%14%-21%Gross margin, FY2020: 75.44%Gross margin, FY2021: 72.60%Gross margin, FY2022: 73.44%Gross margin, FY2023: 72.77%Gross margin, FY2024: 71.67%Operating margin, FY2020: 13.41%Operating margin, FY2021: -0.27%Operating margin, FY2022: -0.25%Operating margin, FY2023: -0.62%Operating margin, FY2024: -12.03%Net margin, FY2020: 13.51%Net margin, FY2021: 2.35%Net margin, FY2022: 3.78%Net margin, FY2023: 3.82%Net margin, FY2024: -2.54%FY2020FY2021FY2022FY2023FY2024
Gross margin FY2020 75.44%. Gross margin FY2021 72.60%. Gross margin FY2022 73.44%. Gross margin FY2023 72.77%. Gross margin FY2024 71.67%. Operating margin FY2020 13.41%. Operating margin FY2021 -0.27%. Operating margin FY2022 -0.25%. Operating margin FY2023 -0.62%. Operating margin FY2024 -12.03%. Net margin FY2020 13.51%. Net margin FY2021 2.35%. Net margin FY2022 3.78%. Net margin FY2023 3.82%. Net margin FY2024 -2.54%.

Income trends

Revenue

689.43M HKD-21.75%

Operating income

−82.93M HKD-1430.37%

Net income

−17.54M HKD−51.17M HKD
Income trends across reported periods2.12B HKD1.32B HKD517.34M HKD−283.02M HKDRevenue, FY2020: 1.92B HKDRevenue, FY2021: 1.41B HKDRevenue, FY2022: 981.76M HKDRevenue, FY2023: 881.04M HKDRevenue, FY2024: 689.43M HKDOperating income, FY2020: 257.14M HKDOperating income, FY2021: −3.75M HKDOperating income, FY2022: −2.43M HKDOperating income, FY2023: −5.42M HKDOperating income, FY2024: −82.93M HKDNet income, FY2020: 259.1M HKDNet income, FY2021: 33.02M HKDNet income, FY2022: 37.07M HKDNet income, FY2023: 33.64M HKDNet income, FY2024: −17.54M HKDFY2020FY2021FY2022FY2023FY2024
Revenue FY2020 1.92B HKD. Revenue FY2021 1.41B HKD. Revenue FY2022 981.76M HKD. Revenue FY2023 881.04M HKD. Revenue FY2024 689.43M HKD. Operating income FY2020 257.14M HKD. Operating income FY2021 −3.75M HKD. Operating income FY2022 −2.43M HKD. Operating income FY2023 −5.42M HKD. Operating income FY2024 −82.93M HKD. Net income FY2020 259.1M HKD. Net income FY2021 33.02M HKD. Net income FY2022 37.07M HKD. Net income FY2023 33.64M HKD. Net income FY2024 −17.54M HKD.
Metric (HKD)FY2024FY2023FY2022FY2021FY2020
Revenue689.43M HKD881.04M HKD981.76M HKD1.41B HKD1.92B HKD
Cost of goods sold195.28M HKD239.88M HKD260.76M HKD385.81M HKD471.15M HKD
Gross profit494.15M HKD641.16M HKD721M HKD1.02B HKD1.45B HKD
Research and development16.35M HKD16.31M HKD15.1M HKD37.05M HKD42.06M HKD
Selling, general, and administrative560.73M HKD662.15M HKD721.97M HKD1.03B HKD1.19B HKD
Operating expenses577.08M HKD677.63M HKD738.53M HKD1.06B HKD1.23B HKD
Interest income57.03M HKD65.1M HKD56.43M HKD48.7M HKD54.49M HKD
Interest expense592K HKD619K HKD838K HKD850K HKD1.03M HKD
Depreciation and amortization47.05M HKD54.11M HKD62.53M HKD90.69M HKD86.4M HKD
Operating income−82.93M HKD−5.42M HKD−2.43M HKD−3.75M HKD257.14M HKD
Net income−17.54M HKD33.64M HKD37.07M HKD33.02M HKD259.1M HKD

Company facts updated Aug 25, 2026.

Earnings

Latest EPS result
-0.02

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.080.03-0.01-0.06Q4 '21Q2 '22Q1 '23Q3 '23Q1 '24Q4 '24Q1 '25Q4 '25
Q4 2021, reported Dec 31, 2021: actual 0.02, estimate —, surprise —, Comparison unavailable. Q2 2022, reported Jun 30, 2022: actual -0.004, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Feb 27, 2023: actual -0.022, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Sep 28, 2023: actual 0.04, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Feb 28, 2024: actual 0.006, estimate —, surprise —, Comparison unavailable. Q4 2024, reported Oct 1, 2024: actual 0.011, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Feb 27, 2025: actual -0.005, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Dec 31, 2025: actual -0.018, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly Revenue actual values compared with estimates809.89M620.37M430.85M241.33MQ4 '21Q2 '22Q1 '23Q3 '23Q1 '24Q4 '24Q1 '25Q4 '25
Q4 2021, reported Dec 31, 2021: actual 770.68M HKD, estimate —, surprise —, Comparison unavailable. Q2 2022, reported Jun 30, 2022: actual 637.41M HKD, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Feb 27, 2023: actual 465.67M HKD, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Sep 28, 2023: actual 516.09M HKD, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Feb 28, 2024: actual 431.96M HKD, estimate —, surprise —, Comparison unavailable. Q4 2024, reported Oct 1, 2024: actual 449.07M HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Feb 27, 2025: actual 342.96M HKD, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Dec 31, 2025: actual 280.54M HKD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.063

2019 complete year+26.0% since 2015

Corporate action history

Dividend

Ex-dividend Nov 26, 2025

HK$0.01

Special

Record Nov 27, 2025 · Payment Dec 11, 2025

Dividend

Ex-dividend Nov 27, 2024

HK$0.017

Special

Record Nov 28, 2024 · Payment Dec 12, 2024

Dividend

Ex-dividend Nov 29, 2023

HK$0.04

Special

Record Nov 30, 2023 · Payment Dec 15, 2023

Dividend

Ex-dividend Nov 29, 2022

HK$0.05

Special

Record Nov 30, 2022 · Payment Dec 16, 2022

Dividend

Ex-dividend Nov 26, 2019

HK$0.043

Semi-Annual

Record Nov 27, 2019 · Payment Dec 9, 2019

Dividend

Ex-dividend Mar 22, 2019

HK$0.02

Semi-Annual

Record Mar 25, 2019 · Payment Apr 4, 2019

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