Crystal International Group (HKSE:02232) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:02232 Crystal International Group Ltd HKSE:02232
91 GF Score
Price HK$6.59
GF Value HK$5.04
Valuation Significantly Overvalued
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What is Crystal International Group Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Crystal International Group  (HKSE:02232) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Crystal International Group Cyclically Adjusted PB Ratio Related Terms


Crystal International Group Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Crystal International Group's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Crystal International Group Cyclically Adjusted PB Ratio Chart

Crystal International Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - 1.04 1.43 1.96

Crystal International Group Semi-Annual Data
Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.39 1.43 1.51 1.96 1.66

HKSE:02232 vs RL, LEVI, VFC: Cyclically Adjusted PB Ratio Comparison

For the Apparel Manufacturing subindustry, Crystal International Group's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Crystal International Group Cyclically Adjusted PB Ratio vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Crystal International Group's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Crystal International Group's Cyclically Adjusted PB Ratio falls into.


HKSE:02232
91GF Score
Crystal International Group Ltd HKSE:02232
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Crystal International Group Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Crystal International Group's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec25 is calculated as:

For example, Crystal International Group's adjusted Book Value per Share data for the fiscal year that ended in Dec25 was:

Adj_Book=Book Value per Share/CPI of Dec25 (Change)*Current CPI (Dec25)
=4.397/120.7036*120.7036
=4.397

Current CPI (Dec25) = 120.7036.

Crystal International Group Annual Data

Book Value per Share CPI Adj_Book
201612 0.838 103.225 0.980
201712 2.496 104.984 2.870
201812 2.707 107.622 3.036
201912 2.972 110.700 3.241
202012 3.165 109.711 3.482
202112 3.534 112.349 3.797
202212 3.681 114.548 3.879
202312 3.938 117.296 4.052
202412 4.181 118.945 4.243
202512 4.397 120.704 4.397

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Crystal International Group (HKSE:02232) Overvalued in 2026?

Based on GuruFocus' analysis, Crystal International Group stock appears to be overvalued. The current stock price of HK$6.59 is trading 30.8% above its estimated GF Value™ of HK$5.04. GuruFocus considers Crystal International Group to be Significantly Overvalued.

Key valuation signals for HKSE:02232:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: HK$5.04 vs. price of HK$6.59 (30.8% above fair value)
  • GF Score™: 91/100

No single metric tells the full story. See the HKSE:02232 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Crystal International Group Business Description

Address No. 100 How Ming Street, 5-7th Floor, AXA Tower, Landmark East, Kowloon, Hong Kong, HKG
Crystal International Group Ltd is principally engaged in the manufacturing and trading of garments. The operating segments of the company include Lifestyle wear, Denim, Intimate, Sweater, Sportswear, and Outdoor Apparel. It generates a majority of its revenue from Lifestyle wear. Geographically, it generates the majority of revenue from the Asia Pacific, which includes Japan, PRC, and South Korea.
91GF Score

Get the complete analysis for HKSE:02232

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$6.59
Price
HK$5.04
GF Value