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MAN WAH HLDGS (01999.HK) Slumps Nearly 4% to Over One-Year Low; Citi Cuts TP to HKD5.6 on Margin Pressure
MAN WAH HLDGS (01999.HK) opened 0.5% lower today (18th), hitting an intraday trough of HKD3.76, the lowest since late April 2025. It is now trading at HKD3.82, down 3.78%, with tur...
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MAN WAH HLDGS (01999.HK) Slumps Nearly 4% to Over One-Year Low; Citi Cuts TP to HKD5.6 on Margin Pressure
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MAN WAH HLDGS (01999.HK)  +0.020 (+0.562%)    Short selling $14.17M; Ratio 21.585%   opened 0.5% lower today (18th), hitting an intraday trough of HKD3.76, the lowest since late April 2025. It is now trading at HKD3.82, down 3.78%, with turnover of 21.728 million shares, involving HKD82.6098 million.

Citi said in a research report that MAN WAH HLDGS reported net profit of RMB1.812 billion for FY2026 (year ended March), falling 15% and 12% short of market and the brokers expectations, respectively. At the analyst briefing, management adopted a cautious view on the gross margin outlook for FY2027, mainly due to rising raw material costs driven by higher oil prices.

Related News CICC Cuts MAN WAH HLDGS (01999.HK) TP to HKD5.5; Earnings Under Pressure, Monitor Operational Improvement
The broker noted that raw material costs have increased since March amid a surge in oil prices, and it expects gross margin to face greater pressure in 1H27 (for the year ending September). Management disclosed that in the raw material cost structure, leather accounts for about 20% of cost of sales, metals 20% to 25%, wood 7% to 8%, fabric 5% to 6%, paper 8% to 10%, and the remaining roughly 10% chemicals.

Citi lowered its earnings forecasts for FY2027 and FY2028 by 21% to 27%, and cut the TP from HKD6.5 to HKD5.6, implying about 12 times forecast P/E for FY2027. The Buy rating was maintained. The broker believes the earnings miss may weigh on the share price in the near term, but considers the current valuation attractive, equivalent to about 9 times forecast P/E, dividend yield of around 6%, and price-to-book ratio of about 1 time. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)

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