[ET Net News Agency, 4 December 2023] UBS lowered its target price for Man Wah Hldgs
(01999) to HKD6.3 from HKD9.2 and maintained its "buy" rating.
The research house said it is conservative on Man Wah's domestic business, based on both
subdued demand and diminishing alpha, and it expects margin pressure from consumption
downgrades and competition.
It is more positive on exports, and thinks Man Wah may continue to benefit from
normalised order inflow in the coming quarters as the downstream inventory issues are
resolved. (RC)