Futu Securities App learned that Man Wah Holdings (01999) fell again by over 4%, nearly 40% from its peak in May. As of press time, it fell by 3.85%, to HKD 4.5, with a turnover of 45.232 million HKD.

HSBC research report stated that the negative factors of Man Wah Holdings have already been reflected in the stock price. Earlier, it was estimated that the improvement of the property market may promote the recovery of the local furniture market, but the observed property market data did not reflect in the retail furniture industry, believed to be due to weak consumption. In addition, earlier estimates suggested that overseas sales would benefit from order growth, but did not take into account the factors of disrupted shipping. HSBC lowered the company's revenue forecast for the fiscal year 2025 to 2027 by 11% to 15%. The bank pointed out that Man Wah Holdings is currently trading at a historical low P/E ratio of 8 times for the 2025 fiscal year forecast, expecting a compound annual growth rate of 7.9% in net profit from 2024 to 2027, and a dividend yield of 6% to 8% from 2025 to 2027. It believes that its valuation is low and maintains its “buy” rating, while the target price is lowered from HKD 8.7 to HKD 5.6.

HSBC reduced its revenue forecast for the company from 2025 to 2027 by 11% to 15%. The bank stated that Man Wah's current PE ratio for the 2025 fiscal year is 8 times, already at historically low levels. It is estimated that the compound annual growth rate of net profit from 2024 to 2027 is 7.9%, and the dividend yield from 2025 to 2027 is 6% to 8%. The bank believes that its valuation is low and maintains its 'buy' rating with a target price downgraded from HK$8.7 to HK$5.6.