Citigroup: Man Wah Hldgs rated as "buy", target price lowered to 8 Hong Kong dollars.
Citigroup released a research report stating that Man Wah Hldgs (01999) had a 7.4% year-on-year decline in revenue in the first half of the fiscal year, with a 0.3% increase in net profit, and the mid-term performance met expectations. However, the bank lowered the group's earnings forecast per share for the fiscal years 2025 to 2027 by 11% to 19%, and reduced its target price from HK$9 to HK$8 to reflect weaker-than-expected market prospects in China, yet maintained a 'buy' rating. Citigroup expects Man Wah's revenue in the second half of the fiscal year to decline by approximately 4%, and anticipates a slight decrease in China market revenue in the following months, projecting an 11% decline in the second half of the year, an improvement from the 17% decrease in the first half of the year. The bank believes that due to
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