Lee & Man Paper Manufacturing Limited (HK:2314)
:2314
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Lee & Man Paper Manufacturing
(2314)
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Rating:59Neutral
Price Target:
HK$3.50
▲(12.90% Upside)
Action:ReiteratedDate:03/29/26
The score is driven primarily by improving profitability and manageable leverage, offset by historically unstable cash generation. Valuation is a clear positive with a low P/E and a moderate dividend yield, while technical indicators are mixed with near-term weakness but a longer-term uptrend.
Positive Factors
Improving profitability
Gross margin improved from ~10% in 2023 to ~14.6% in 2025 and net margin rose from ~4.2% to ~7.3%. That margin recovery reflects stronger pricing and/or cost control, supporting sustainable earnings and buffer against cyclical downturns if spreads hold.
Negative Factors
Volatile cash generation
Multi-year swings and prior negative free cash flow raise execution risk: capital allocation, dividends and debt servicing depend on sustained cash conversion. Volatility increases likelihood of external financing needs during weaker cycles and complicates planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability
Gross margin improved from ~10% in 2023 to ~14.6% in 2025 and net margin rose from ~4.2% to ~7.3%. That margin recovery reflects stronger pricing and/or cost control, supporting sustainable earnings and buffer against cyclical downturns if spreads hold.
Read all positive factors
Lee & Man Paper Manufacturing (2314) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$15.03B
Dividend Yield3.92%
Average Volume (3M)5.07M
Price to Earnings (P/E)6.2
Beta (1Y)0.98
Revenue Growth1.95%
EPS Growth-9.10%
CountryHK
Employees10,000
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)0.26
Shares Outstanding4,295,000,000
10 Day Avg. Volume4,897,849
30 Day Avg. Volume5,065,509
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.43
Revenue Forecast (FY)HK$28.16B
Lee & Man Paper Manufacturing Business Overview & Revenue Model
Company Description
Lee & Man Paper Manufacturing Limited, an investment holding company, manufactures and trades in packaging papers, pulps, and tissue papers in the People's Republic of China, Vietnam, Malaysia, Macau, and Hong Kong. The company operates through Pa...
How the Company Makes Money
Lee & Man Paper Manufacturing mainly makes money by manufacturing and selling packaging paper. Its core revenue stream is sales of containerboard products—principally linerboard and corrugating medium—priced based on market supply/demand condition...
Lee & Man Paper Manufacturing Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
64
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.64B | 26.00B | 24.94B | 29.17B | 32.51B |
| Gross Profit | 3.90B | 3.11B | 2.50B | 2.69B | 5.70B |
| EBITDA | 2.35B | 2.19B | 1.86B | 1.77B | 4.04B |
| Net Income | 1.94B | 1.36B | 1.05B | 1.32B | 3.25B |
Balance Sheet | |||||
| Total Assets | 57.69B | 55.35B | 54.10B | 50.33B | 52.45B |
| Cash, Cash Equivalents and Short-Term Investments | 1.94B | 1.52B | 1.52B | 1.80B | 1.91B |
| Total Debt | 21.07B | 22.05B | 19.37B | 16.41B | 14.13B |
| Total Liabilities | 27.24B | 27.34B | 25.33B | 21.72B | 19.05B |
| Stockholders Equity | 30.44B | 28.00B | 27.12B | 28.60B | 33.39B |
Cash Flow | |||||
| Free Cash Flow | 1.63B | -2.28B | -3.55B | -1.03B | -525.96M |
| Operating Cash Flow | 3.53B | 425.93M | 151.37M | 3.71B | 2.79B |
| Investing Cash Flow | -1.79B | -2.65B | -3.67B | -4.69B | -3.51B |
| Financing Cash Flow | -1.34B | 2.23B | 3.24B | 1.06B | 1.43B |
Lee & Man Paper Manufacturing Technical Analysis
Negative
3.10
Price Trends
3.68
Negative
3.33
Positive
3.01
Positive
Market Momentum
-0.06
Positive
44.58
Neutral
52.47
Neutral
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 3.1 is below the 20-day moving average (MA) of 3.63, below the 50-day MA of 3.68, and above the 200-day MA of 3.01, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 44.58 is Neutral, neither overbought nor oversold. The STOCH value of 52.47 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$622.44M | 14.24 | 12.89% | 8.07% | 7.84% | 15.69% | |
64 Neutral | HK$1.12B | 5.14 | 3.55% | 3.45% | -5.66% | -56.96% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | HK$15.03B | 6.19 | 6.55% | 3.92% | 1.95% | -9.10% | |
48 Neutral | HK$31.06B | 2.92 | 7.32% | ― | 6.14% | 134.18% | |
47 Neutral | HK$6.06B | -0.25 | ― | ― | -76.55% | -966.54% | |
45 Neutral | HK$367.80M | -4.13 | -37.51% | ― | -9.44% | ― |
* Basic Materials Sector Average
HK:2314
Lee & Man Paper Manufacturing
3.50
1.59
82.96%
HK:2689
Nine Dragons Paper Holdings
6.62
3.77
132.28%
HK:1812
Shandong Chenming Paper Holdings Co., Ltd. Class H
1.06
0.53
100.00%
HK:1412
Q P Group Holdings Limited
1.17
0.07
6.36%
HK:2002
China Sunshine Paper Holdings Co. Ltd.
1.05
-0.83
-44.15%
HK:0731
C&D Newin Paper & Pulp Corporation Limited
0.26
0.06
30.00%
Lee & Man Paper Manufacturing Corporate Events
Lee & Man Paper Guarantees RMB1.5 Billion Loan for Mainland Subsidiary
Mar 25, 2026
Lee Man Paper Manufacturing has agreed to provide a corporate joint and several liability guarantee for a RMB1.5 billion fixed asset loan obtained by its indirect wholly owned subsidiary, Guigang Lee Man Paper Company Limited, from the Guigang b...
Lee & Man Paper Sets 2026 AGM to Approve Dividend, Board Mandates and Share Issuance Authority
Mar 24, 2026
Lee Man Paper Manufacturing has convened its annual general meeting for 29 April 2026 in Hong Kong, where shareholders will review the audited consolidated financial statements for the year ended 31 December 2025 and vote on a final dividend. The...
Lee & Man Paper Declares Final Dividend for 2025
Mar 10, 2026
Lee Man Paper Manufacturing Limited has declared a final ordinary cash dividend of HKD 0.093 per share for the financial year ended 31 December 2025. The payout, subject to shareholder approval on 29 April 2026, will be made in Hong Kong dollars ...
Lee & Man Paper Posts Stronger 2025 Earnings and Raises Payout
Mar 10, 2026
Lee Man Paper Manufacturing reported revenue of HK$26.64 billion for 2025, up from HK$25.99 billion a year earlier, as cost of sales declined slightly and gross profit rose to HK$3.90 billion. Net profit increased to HK$1.94 billion from HK$1.36 ...
Lee & Man Paper Sets March Board Meeting on 2025 Results and Dividend
Feb 26, 2026
Lee Man Paper Manufacturing has scheduled a board meeting for 10 March 2026 to approve the audited final results for the year ended 31 December 2025 and to authorize their publication. The board will also consider the declaration of a final divid...
Lee & Man Paper Flags 38%–47% Profit Surge for 2025 on Margin Gains
Feb 4, 2026
Lee Man Paper Manufacturing Limited has issued a positive profit alert, announcing that it expects its profit for the year ended 31 December 2025 to rise to between HK$1.88 billion and HK$2.00 billion, representing an increase of approximately 38...
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.