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Man Wah Holdings
(1999)
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Rating:64Neutral
Price Target:
HK$3.50
▼(-26.32% Downside)
Action:Reiterated
Date:06/14/26
The score is supported by resilient profitability and a manageable balance sheet, plus attractive valuation (low P/E and high dividend yield). Offsetting these positives are weakening operating trends (multi-year revenue decline and lower free cash flow) and bearish technicals (below key moving averages with negative MACD).
Positive Factors
Sustained Profitability
Consistently strong gross and net margins indicate durable product-level profitability and pricing power in upholstered seating. High margins support internal funding for capex, product development and dividends, and provide a buffer versus cyclical volume declines over the next 2–6 months.
Negative Factors
Multi-year Revenue Decline
Consecutive annual revenue contraction signals weakening demand or loss of customer orders, which erodes operating leverage and restricts growth optionality. If the top-line trend persists, fixed-cost absorption and long-term market share could deteriorate, pressuring margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Consistently strong gross and net margins indicate durable product-level profitability and pricing power in upholstered seating. High margins support internal funding for capex, product development and dividends, and provide a buffer versus cyclical volume declines over the next 2–6 months.
Read all positive factors
Man Wah Holdings (1999) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$11.69B
Dividend Yield5.53%
Average Volume (3M)5.49M
Price to Earnings (P/E)6.3
Beta (1Y)1.22
Revenue Growth-2.80%
EPS Growth-12.13%
CountryHK
Employees27,246
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.47
Shares Outstanding3,843,951,200
10 Day Avg. Volume5,835,650
30 Day Avg. Volume5,486,657
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$5.13Price Target Upside8.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.46
Revenue Forecast (FY)HK$16.75B
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 makes money primarily by selling furniture products—most importantly upholstered seating (including motion/reclining sofas)—that it designs and manufactures and then distributes through multiple channels. Key revenue streams typically incl...
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 2021 |
|---|---|---|---|---|---|
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
4.75
Price Trends
3.56
Negative
3.99
Negative
4.23
Negative
Market Momentum
-0.16
Negative
32.54
Neutral
23.80
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 4.75 is above the 20-day moving average (MA) of 3.13, above the 50-day MA of 3.56, and above the 200-day MA of 4.23, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 32.54 is Neutral, neither overbought nor oversold. The STOCH value of 23.80 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$411.09M | 8.86 | 6.92% | 12.90% | 0.71% | 2.66% | |
64 Neutral | HK$11.69B | 6.34 | 13.03% | 5.53% | -2.80% | -12.13% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | HK$257.25M | 4.27 | 6.01% | 7.76% | 14.80% | -56.27% | |
44 Neutral | HK$166.31M | -0.24 | -40.16% | ― | -27.42% | -80.52% | |
44 Neutral | HK$143.21M | -3.75 | -11.99% | 31.48% | 23.15% | 60.71% | |
40 Underperform | HK$140.01M | -1.19 | 32.91% | ― | -45.11% | 14.93% |
* Consumer Cyclical Sector Average
HK:1999
Man Wah Holdings
2.98
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-28.49%
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Man Wah Holdings Corporate Events
Man Wah Shareholders Back All AGM Resolutions, Approve Dividend and Capital Mandates
Jul 3, 2026
Man Wah Holdings reported that all resolutions at its 3 July 2026 annual general meeting were approved by shareholders, including adoption of the audited results for the year ended 31 March 2026 and a final dividend of HK9 cents per share. The AGM...
Man Wah updates board composition and committee leadership
Jul 3, 2026
Man Wah Holdings has outlined the current composition of its board, which is led by chairman and chief executive officer Wong Man Li and includes a mix of executive and independent non-executive directors, underscoring a governance structure that ...
Man Wah Sets 2026 AGM to Approve Dividend, Board Changes and Expanded Share Issuance Mandate
Jun 9, 2026
Man Wah Holdings has convened its annual general meeting for 3 July 2026 in Hong Kong, where shareholders will be asked to adopt the audited financial statements for the year ended 31 March 2026 and approve a final dividend of HK9 cents per share....
Man Wah reshapes board as veteran director retires and public figure joins
Jun 9, 2026
Man Wah Holdings announced that independent non-executive director Mr. Chau Shing Yim, David will retire at the conclusion of its annual general meeting on 3 July 2026, stepping down as chairman of the audit committee and as a member of the nomina...
Man Wah launches HK$7.4 million share buyback to signal confidence
Jun 8, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the open market under an existing shareholder mandate, paying between HK$3.68 and HK$3.76 per share for a total of about HK$7.42 million, with the repurchased stock to be cancelled. T...
Man Wah Launches Share Buyback to Boost Shareholder Returns
Jun 5, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the open market on 5 June 2026 under an existing shareholder mandate, paying between HK$3.73 and HK$3.89 per share for a total of about HK$7.6 million before expenses. The company pla...
Man Wah Launches HK$7.6 Million On-Market Share Buyback
Jun 4, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the market on 4 June 2026 under a previously granted general mandate, paying between HK$3.76 and HK$3.84 per share for a total of about HK$7.6 million before expenses. The company pla...
Man Wah Launches HK$3.49 Million Share Buyback Amid Strong Cash Flows
Jun 3, 2026
Man Wah Holdings Limited has carried out an on-market repurchase of 928,000 of its own shares on 3 June 2026 under an existing shareholder mandate. The shares were bought at prices between HK$3.70 and HK$3.79, with a total outlay of about HK$3.49 ...
Man Wah Explores Beijing Stock Exchange Listing for RMT Unit
Jun 2, 2026
Man Wah Holdings has announced that it is considering a potential public offering and transfer of its non-wholly owned subsidiary Remacro Technology Co., Ltd. from the National Equities Exchange and Quotations to the Beijing Stock Exchange in main...
Man Wah Launches HK$7.5 Million Share Buyback to Boost Shareholder Returns
Jun 2, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the market on 2 June 2026 under an existing shareholder mandate, paying between HK$3.71 and HK$3.75 per share for a total of about HK$7.48 million before costs. The company plans to c...
Man Wah Launches Share Buyback to Boost Shareholder Returns
Jun 1, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the open market under an existing shareholder mandate, paying between HK$3.66 and HK$3.73 per share for a total of about HK$7.4 million before costs. The company plans to cancel the r...
Man Wah Launches HK$7.1 Million Share Buyback to Signal Confidence and Boost Returns
May 27, 2026
Man Wah Holdings has disclosed that it repurchased 2,000,000 of its own shares on 27 May 2026 under an existing shareholder mandate, paying between HK$3.52 and HK$3.59 per share for a total outlay of about HK$7.1 million before costs, and plans to...
Man Wah Launches On-Market Share Buyback to Boost Shareholder Returns
May 26, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the market on 26 May 2026 under an existing shareholder mandate, paying between HK$3.56 and HK$3.62 per share for a total of about HK$7.17 million before costs. The company plans to c...
Man Wah Launches On‑Market Share Buyback to Signal Confidence
May 22, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the market under an existing shareholder mandate, paying between HK$3.57 and HK$3.62 per share for a total of about HK$7.17 million before expenses. The company plans to cancel the re...
Man Wah Launches On-Market Share Buyback to Boost Shareholder Returns
May 21, 2026
Man Wah Holdings has repurchased 2,000,000 of its own shares on the Hong Kong market under an existing shareholder mandate, paying between HK$3.56 and HK$3.68 per share for a total of about HK$7.21 million before expenses. The company plans to can...
Man Wah launches HK$7.1 million share buyback to boost returns
May 20, 2026
Man Wah Holdings has repurchased 1,970,000 of its own shares on the open market under an existing shareholder mandate, paying between HK$3.59 and HK$3.65 per share for a total outlay of about HK$7.1 million before expenses. The repurchased shares ...
Man Wah launches HK$18.7 million share buyback as board signals confidence
May 19, 2026
Man Wah Holdings has repurchased 5 million of its own shares on the open market, paying between HK$3.72 and HK$3.77 per share, for a total of about HK$18.7 million, under an existing shareholder mandate. The company plans to cancel these shares, e...
Man Wah Launches HK$31 Million Share Buyback to Signal Confidence
May 18, 2026
Man Wah Holdings said it repurchased 8,234,000 of its own shares on the market on 18 May 2026 under an existing shareholder mandate, paying between HK$3.72 and HK$3.83 per share for a total of about HK$31.1 million before costs. The company plans ...
Man Wah Holdings’ Annual Profit Declines as Revenue and Margins Ease
May 15, 2026
Man Wah Holdings reported audited consolidated results for the year ended 31 March 2026, with revenue slipping to HK$16.43 billion from HK$16.90 billion and gross profit declining to HK$6.48 billion, reflecting softer sales and margin pressure. Ne...
Man Wah Declares Final HKD 0.09 Dividend for FY2026
May 15, 2026
Man Wah Holdings Limited has declared a final ordinary dividend of HKD 0.09 per share for the financial year ended 31 March 2026, underscoring its commitment to returning cash to shareholders. The dividend, denominated in Hong Kong dollars, is sub...
Man Wah Subsidiary RMT Posts Profit Decline but Stronger Balance Sheet in 2025
Apr 28, 2026
Man Wah subsidiary Remacro Technology Co., Ltd. has reported a slight decline in revenue and a sharper drop in profitability for 2025, with revenue edging down 2.3% year on year to RMB 2.25 billion and net profit attributable to shareholders falli...
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.