CICC released a research report stating that it maintains a "outperform" rating on Man Wah Holdings (01999.HK) and forecasts a net income of HKD 2.774 billion unchanged for FY2025, with an introduction of an HKD 3.274 billion forecast for net income in FY2026. Considering the valuation switch, the target price is raised by 13% to HKD 9. In 2024, the company announced its performance for the fiscal year. The operating income for 2HFY24/FY24 was HKD 9.474 / 18.411 billion, and the net income was HKD 1.166 / 2.302 billion. The overseas income and profit capabilities have improved rapidly, exceeding market expectations. The company plans to pay a dividend of 30 Hong Kong cents per share, with a dividend payout ratio of 50.7%. The bank expects the company's performance to steadily improve as domestic channels promoted and overseas demand restored.
中金：维持敏华控股(01999.HK)“跑赢行业”评级 目标价升至9港元
CICC: Maintaining Minhua Holdings (01999.HK)'s “outperforming the industry” rating target price and raising the target price to HK$9
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