[ET Net News Agency, 15 January 2020] Citi Research lifted its target price for Man Wah
Holdings (01999) to HK$8.5 from HK$6.8 and maintained its "buy" rating.
The research house exclusively hosted a group conference call. It cited management
saying that Vietnam plant's monthly output in October/November was faster than expected;
faster revenue growth (20%) in China during 3Q FY2020 versus 18% (Rmb terms) in 1H FY2020,
and the gross margin in 2H FY2020 seems to be higher than 1HFY20 for bigger scale and
higher efficiency in Vietnam factory.
Citi raised its FY2022 EPS forecast by 2% as the tariff on the US-China trade war is
almost gone arising from faster-than-expected productivity in the new Vietnamese factory.
The dividend payout is set to elevate from trough 35% in 1H FY2020. All point to sustained
re-rating to mid-teen PE, in line with international and domestic furniture comps. (KL)
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01999 MAN WAH HLDGS
Nominal 
5.610 +0.180 (+3.315%) Research Report
15/01/2020 17:28
{I-bank focus}Citi lifts Man Wah Holdings (01999) to HK$8.5
| Remark: | Real time quote last updated: 26/04/2024 16:05 |
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