Asia Pacific Textile, Apparel & Footwear: Monthly Tracker: OEM mixed trend continued; PS softer; refreshing our estimates for OEM sector

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Asia Pacific Textile, Apparel & Footwear: Monthly Tracker: OEM mixed trend continued; PS softer; refreshing our estimates for OEM sector

Equity Research

12 July 2026 | 9:57AM HKT

Asia Pacific Textile, Apparel & Footwear: Monthly Tracker: OEM mixed

trend continued; PS softer; refreshing our estimates for OEM sector

Our Jun monthly tracker along with brands’/OEMs’ recent comments suggests: Michelle Cheng

+852-2978-6631 |

michelle.cheng@gs.com

1) OEMs’ June orders continued to be mixed with Eclat outperforming (+14% yoy) Goldman Sachs (Asia) L.L.C.

driven by improved shipment/low bases, while footwear makers Yue Yuen (-12% yoy) Carol Chen

+852-2978-7999 | carol.chen@gs.com

and Feng Tay (-4% yoy) lagged. Goldman Sachs (Asia) L.L.C.

Keira Liu

2) 2Q26/1H26 preview: we refresh our coverage estimates to reflect recent trends +852-2978-0473 | keira.liu@gs.com

Goldman Sachs (Asia) L.L.C.

and customer dynamics. Overall we expect the order book and margin trends to

Xinyu Ruancome largely in-line with our prior expectations (already reset lower) or slightly +852-2978-7347 | xinyu.ruan@gs.com

below, and continue to take a cautious stance towards the OEM space considering Goldman Sachs (Asia) L.L.C.

Molly Dairelatively low order visibility amid demand uncertainty, secondary impacts from +852-3966-4000 | molly.dai@gs.com

rising input costs on OEMs’ margins despite pricing having fallen off-peak (OEMs may Goldman Sachs (Asia) L.L.C.

absorb part of the costs for brands given intense competition among

manufacturers), and several brand customers’ slow resets. We stay Buy rated on

Shenzhou, Yue Yuen for undemanding valuations and attractive dividend yields.

Though we acknowledge that the orders/margin outlooks for the sector are still