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Man Wah Holdings
(1999)
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Rating:65Neutral
Price Target:
HK$2.50
â–¼(-21.38% Downside)
Action:Reiterated
Date:10/14/26
The score is anchored by mixed financial performance (still-solid margins and balance sheet, but weakening revenue trend and lower recent free cash flow). Valuation is a major positive with a low P/E and high dividend yield, while technicals remain a key drag due to a clear downtrend and weak momentum.
Positive Factors
Sustained Gross and Net Margins
Healthy gross and net margins show that Man Wah continues to retain meaningful economics from its upholstered furniture operations despite weaker revenue. This profitability provides an earnings base for continued investment, supports brand and channel execution, and offers resilience if demand remains uneven.
Negative Factors
Multi-Year Revenue Contraction
Consecutive years of revenue contraction indicate that weaker demand, volume, or mix has persisted beyond a single reporting period. If the trend continues, operating leverage may deteriorate, reducing the company’s ability to grow earnings even while absolute margins remain comparatively healthy.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Gross and Net Margins
Healthy gross and net margins show that Man Wah continues to retain meaningful economics from its upholstered furniture operations despite weaker revenue. This profitability provides an earnings base for continued investment, supports brand and channel execution, and offers resilience if demand remains uneven.
Read all positive factors
Man Wah Holdings (1999) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$8.67B
Dividend Yield10.64%
Average Volume (3M)8.41M
Price to Earnings (P/E)4.8
Beta (1Y)0.88
Revenue Growth-2.80%
EPS Growth-12.13%
CountryHK
Employees26,050
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.47
Shares Outstanding3,843,951,200
10 Day Avg. Volume7,384,854
30 Day Avg. Volume8,407,491
Financial Highlights & Ratios
PEG Ratio-0.81
Price to Book (P/B)1.18
Price to Sales (P/S)1.02
P/FCF Ratio15.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$3.30Price Target Upside3.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.3
Revenue Forecast (FY)HK$16.09B
Man Wah Holdings Business Overview & Revenue Model
Company Description
Man Wah Holdings Limited functions as an investment holding company, primarily focused on the global production, wholesale, and distribution of sofas and related furniture items. Its market reach spans the People's Republic of China, North America...
How the Company Makes Money
Man Wah primarily makes money by selling upholstered furniture products it designs and manufactures, with revenue recognized from product sales to (1) third-party retailers/wholesale customers and (2) its own or managed retail channels where it se...
Man Wah Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.43B | 16.90B | 18.41B | 17.35B | 21.50B |
| Gross Profit | 6.48B | 6.84B | 7.25B | 6.68B | 7.89B |
| EBITDA | 2.91B | 3.36B | 3.64B | 3.00B | 3.57B |
| Net Income | 1.81B | 2.06B | 2.30B | 1.91B | 2.25B |
Balance Sheet | |||||
| Total Assets | 22.40B | 20.02B | 19.81B | 19.64B | 20.52B |
| Cash, Cash Equivalents and Short-Term Investments | 3.33B | 4.08B | 3.52B | 4.09B | 3.22B |
| Total Debt | 4.84B | 4.39B | 4.33B | 4.40B | 4.61B |
| Total Liabilities | 7.20B | 6.37B | 6.73B | 7.11B | 7.77B |
| Stockholders Equity | 14.18B | 12.71B | 12.08B | 11.56B | 11.71B |
Cash Flow | |||||
| Free Cash Flow | 1.05B | 2.28B | 985.45M | 2.50B | 363.28M |
| Operating Cash Flow | 2.38B | 3.32B | 2.55B | 4.06B | 2.32B |
| Investing Cash Flow | -1.19B | -1.55B | -1.54B | -1.59B | -995.57M |
| Financing Cash Flow | -1.47B | -1.50B | -1.28B | -1.41B | -956.19M |
Man Wah Holdings Technical Analysis
Negative
3.18
Price Trends
2.76
Negative
2.95
Negative
3.63
Negative
Market Momentum
-0.16
Positive
28.95
Positive
30.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1999, the sentiment is Negative. The current price of 3.18 is above the 20-day moving average (MA) of 2.46, above the 50-day MA of 2.76, and below the 200-day MA of 3.63, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 28.95 is Positive, neither overbought nor oversold. The STOCH value of 30.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1999.
Man Wah Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$8.67B | 4.80 | 13.03% | 10.64% | -2.80% | -12.13% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$355.94M | 104.85 | 0.51% | 5.63% | -3.83% | -93.40% | |
55 Neutral | HK$211.75M | 4.69 | 4.32% | 8.26% | 35.18% | -56.12% | |
53 Neutral | HK$446.95M | -0.57 | -164.30% | 0.68% | -29.60% | -51.87% | |
47 Neutral | HK$166.53M | -4.41 | -5.41% | 25.37% | 23.15% | 60.71% | |
43 Neutral | HK$185.43M | -1.80 | 26.53% | 7.98% | -59.38% | -200.00% |
* Consumer Cyclical Sector Average
HK:1999
Man Wah Holdings
2.26
-2.20
-49.43%
HK:0684
Allan International Holdings Limited
0.50
-0.05
-9.09%
HK:0229
Raymond Industrial Limited
0.71
-0.20
-21.72%
HK:1198
Royale Home Holdings Limited
0.17
0.02
16.22%
HK:1418
Sinomax Group Ltd.
0.12
-0.12
-48.95%
HK:1575
Morris Home Holdings Limited
0.05
>-0.01
-3.92%
Man Wah Holdings Corporate Events
Man Wah warns of sharp profit slump on cost surge and U.S. unit woes
Oct 13, 2026
Man Wah Holdings has warned that profit attributable to shareholders for the six months to 30 September 2026 will fall by about 70% to 90% from HKD 1,145.6 million a year earlier, despite broadly stable revenue. The company cited surging prices of...
Man Wah Sets November Board Meeting to Approve Interim Results and Dividend Plan
Oct 6, 2026
Man Wah Holdings has scheduled a board meeting for 16 November 2026 to review and approve the unaudited interim results for the half year ended 30 September 2026. The board will also consider declaring an interim dividend and address other corpora...
Man Wah’s U.S. Upholstery Unit Files for Chapter 11 Amid Disputes
Aug 31, 2026
Man Wah Holdings has disclosed that its newly acquired U.S. subsidiary group, which manufactures and trades upholstered furniture from eight plants in northern Mississippi, contributed about 2% of group revenue in FY2026, and would have accounted ...
Man Wah raises DFS stake to 8.58% in connected share purchase
Aug 31, 2026
Man Wah Holdings has agreed to acquire additional shares in DFS from a connected party for GBP12.47 million, lifting its stake in the U.K. sofa retailer to about 8.58 percent. The transaction, priced at the five‑day average closing level and...
Man Wah Subsidiary RMT Sees Profit Drop Despite Modest Revenue Growth
Aug 27, 2026
Man Wah Holdings’ subsidiary Remacro Technology Co., Ltd. has reported unaudited interim results for the six months ended 30 June 2026, showing revenue of RMB 1.09 billion, up 4.19% year on year, but with gross profit margin slipping to 17.9...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.