[ET Net News Agency, 5 December 2019] Daiwa Research lifted its target price for Man
Wah Holdings (01999) to HK$6 from HK$5 and maintained its "outperform" rating.
The research house visited Man Wah's factory in Vietnam and has greater confidence in
the company's ramp-up schedule. Daiwa believes Man Wah will be able to export all of its
US orders from Vietnam by July 2020 (several months ahead of Daiwa's expectations),
meaning complete mitigation of the US tariffs.
Daiwa raised its FY2020-22 EPS forecasts by 1-4% due to the faster-than-expected Vietnam
factory ramp, and now factor in HK$400-500m per year in property sales. (KL)