According to Zhitong Finance APP, Daiwa released a research report stating that it has downgraded the rating of man wah hldgs (01999) from 'buy' to 'hold', reducing the target price from 7.3 Hong Kong dollars to 4.8 Hong Kong dollars, and has lowered the earnings per share forecast for fiscal years 2025 to 2026 by 27% to 31% to reflect the slowdown in mainland business.

The bank pointed out that investors should only reconsider the stock when the market has a clearer outlook on the next steps of the incoming USA President Trump. The income from man wah hldgs' mainland business dropped by 17% year-on-year in the first half of the fiscal year, mainly affected by a noticeable decrease in foot traffic to physical stores.