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Lee & Man Paper Manufacturing
(2314)
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Rating:64Neutral
Price Target:
HK$3.50
▼(-8.38% Downside)
Action:Reiterated
Date:08/06/26
The score is driven by improving financial results but constrained by historically volatile and recently recovering cash generation. Technicals are trend-positive but overextended (high RSI/Stoch), adding near-term risk. Valuation is supportive with a low P/E and ~4% dividend yield, helping offset the cash-flow and momentum risks.
Positive Factors
Profitability Recovery
The marked recovery in gross and net margins indicates improved pricing, product spreads, and/or cost control. Higher profitability strengthens internal funding capacity and provides a better earnings base, although the company remains below its earlier peak profitability.
Negative Factors
Volatile Cash Generation
Although 2025 free cash flow recovered, the multi-year history of negative cash flow and sharp swings indicates inconsistent cash conversion. This can constrain internally funded investment and dividends, while increasing execution risk if working-capital or reinvestment demands remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
The marked recovery in gross and net margins indicates improved pricing, product spreads, and/or cost control. Higher profitability strengthens internal funding capacity and provides a better earnings base, although the company remains below its earlier peak profitability.
Read all positive factors
Lee & Man Paper Manufacturing (2314) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$13.49B
Dividend Yield6.52%
Average Volume (3M)2.35M
Price to Earnings (P/E)5.4
Beta (1Y)0.93
Revenue Growth13.69%
EPS Growth83.56%
CountryHK
Employees10,000
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)0.58
Shares Outstanding4,295,000,000
10 Day Avg. Volume2,790,969
30 Day Avg. Volume2,349,155
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)0.40
Price to Sales (P/S)0.45
P/FCF Ratio7.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$5.36Price Target Upside40.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.59
Revenue Forecast (FY)HK$30.07B
Lee & Man Paper Manufacturing Business Overview & Revenue Model
Company Description
Lee & Man Paper Manufacturing Limited, primarily an investment holding firm, produces and distributes a diverse range of packaging papers, pulps, and tissue papers. Its operations span across key Asian markets including mainland China, Vietnam, Ma...
Lee & Man Paper Manufacturing Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
64
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.25B | 26.64B | 26.00B | 24.94B | 29.17B | 32.51B |
| Gross Profit | 4.55B | 3.90B | 3.11B | 2.50B | 2.69B | 5.70B |
| EBITDA | 2.76B | 2.35B | 2.19B | 1.86B | 1.77B | 4.04B |
| Net Income | 2.50B | 1.94B | 1.36B | 1.05B | 1.32B | 3.25B |
Balance Sheet | ||||||
| Total Assets | 60.93B | 57.69B | 55.35B | 54.10B | 50.33B | 52.45B |
| Cash, Cash Equivalents and Short-Term Investments | 1.90B | 1.94B | 1.52B | 1.52B | 1.80B | 1.91B |
| Total Debt | 21.91B | 21.07B | 22.05B | 19.37B | 16.41B | 14.13B |
| Total Liabilities | 27.77B | 27.24B | 27.34B | 25.33B | 21.72B | 19.05B |
| Stockholders Equity | 33.13B | 30.44B | 28.00B | 27.12B | 28.60B | 33.39B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 1.63B | -2.28B | -3.55B | -1.03B | -525.96M |
| Operating Cash Flow | 3.74B | 3.53B | 425.93M | 151.37M | 3.71B | 2.79B |
| Investing Cash Flow | -2.54B | -1.79B | -2.65B | -3.67B | -4.69B | -3.51B |
| Financing Cash Flow | -1.03B | -1.34B | 2.23B | 3.24B | 1.06B | 1.43B |
Lee & Man Paper Manufacturing Technical Analysis
Negative
3.82
Price Trends
3.51
Negative
3.48
Negative
3.39
Negative
Market Momentum
-0.10
Positive
30.92
Neutral
15.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2314, the sentiment is Negative. The current price of 3.82 is above the 20-day moving average (MA) of 3.27, above the 50-day MA of 3.51, and above the 200-day MA of 3.39, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 30.92 is Neutral, neither overbought nor oversold. The STOCH value of 15.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2314.
Lee & Man Paper Manufacturing Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | HK$13.49B | 5.41 | 7.88% | 6.52% | 13.69% | 83.56% | |
63 Neutral | HK$141.81M | 3.01 | 13.82% | ― | -5.13% | -4.83% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | HK$1.86B | 11.43 | 2.76% | 3.05% | 14.95% | -15.17% | |
48 Neutral | HK$21.14B | 5.03 | 7.96% | 0.00% | 22.31% | 109.79% | |
41 Neutral | HK$4.25B | -1.06 | -447.20% | 4.48% | 4.20% | 52.87% | |
40 Underperform | HK$360.72M | -3.68 | -55.61% | 5.45% | 27.73% | -478.69% |
* Basic Materials Sector Average
HK:2314
Lee & Man Paper Manufacturing
3.14
0.54
20.58%
HK:2689
Nine Dragons Paper Holdings
4.51
-1.07
-19.12%
HK:1812
Shandong Chenming Paper Holdings Co., Ltd. Class H
0.46
-0.31
-40.26%
HK:2002
China Sunshine Paper Holdings Co. Ltd.
1.75
0.05
2.65%
HK:0731
C&D Newin Paper & Pulp Corporation Limited
0.26
0.05
26.87%
HK:8481
Shenglong Splendecor International Limited
0.35
-0.24
-40.68%
Lee & Man Paper Manufacturing Corporate Events
Lee & Man Paper Profit Jumps 69% as Interim Dividend Raised
Aug 3, 2026
Lee Man Paper Manufacturing reported a strong set of unaudited interim results for the six months ended 30 June 2026, with revenue rising 21.3% year on year to HK$14.8 billion and profit surging 69.3% to HK$1.4 billion. The improved performance, ...
Lee & Man Paper Declares Interim Cash Dividend for First Half of 2026
Aug 3, 2026
Lee Man Paper Manufacturing Limited has announced an interim ordinary cash dividend of HKD 0.112 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The ex-dividend date is set for 13 August 2026, with...
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.