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RTNominal down5.580 -0.020 (-0.357%)

18/11/2019 17:14

{I-bank focus}Citi lifts Man Wah Holdings (01999) to HK$6.8

[ET Net News Agency, 18 November 2019] Citi Research lifted its target price for Man
Wah Holdings (01999) to HK$6.8 from HK$6.2 and maintained its "buy" rating.
The research house said Man Wah's 1H FY2020 net profit/revenue grew 6.1%/1.9% to
HK$706m/HK$5.59bn, which was slightly better-than-expected Citi's forecast. Excluding the
property profit, the core earning is broadly in line with projection.
The US sales growth will pick up again once more new capacity in Vietnam to come from
early FY2021. The net gearing began to drop to 37% from 46% in 6 months ago which means
strong positive FCF generation after the investment period in Vietnam during FY2018-19.
The net gearing will keep falling to 27% in FY2021, which may lead to the start of
resuming a higher payout ratio away from the trough at 34% in FY2019. (KL)

Remark: Real time quote last updated: 11/12/2019 17:59
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