Financials Man Wah Holdings Limited

Equities

1999

BMG5800U1071

Home Furnishings

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
5.6 HKD +3.13% Intraday chart for Man Wah Holdings Limited +8.95% +4.67%

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 17,586 16,133 63,816 33,573 25,369 21,714 - -
Enterprise Value (EV) 1 20,701 18,150 64,110 35,077 25,807 21,097 19,675 17,473
P/E ratio 12.9 x 9.91 x 32.2 x 15.1 x 13.3 x 9.68 x 8.39 x 7.35 x
Yield 2.61% 4.47% 1.61% 3.49% 3.86% 5.43% 6.24% 6.96%
Capitalization / Revenue 1.56 x 1.33 x 3.88 x 1.56 x 1.46 x 1.19 x 1.07 x 0.97 x
EV / Revenue 1.84 x 1.49 x 3.9 x 1.63 x 1.49 x 1.16 x 0.97 x 0.78 x
EV / EBITDA 10.1 x 7.14 x 22.6 x 9.81 x 8.08 x 5.79 x 4.76 x 3.78 x
EV / FCF 280 x 9.83 x 97.7 x 59.9 x 10.3 x 12.8 x 7.85 x 5.82 x
FCF Yield 0.36% 10.2% 1.02% 1.67% 9.7% 7.84% 12.7% 17.2%
Price to Book 2.83 x 2.42 x 5.75 x 2.9 x 2.2 x 1.69 x 1.51 x 1.34 x
Nbr of stocks (in thousands) 3,823,123 3,795,940 3,958,795 3,908,340 3,920,950 3,877,538 - -
Reference price 2 4.600 4.250 16.12 8.590 6.470 5.600 5.600 5.600
Announcement Date 5/21/19 5/15/20 5/14/21 5/16/22 5/15/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,258 12,144 16,434 21,497 17,351 18,238 20,210 22,465
EBITDA 1 2,052 2,543 2,841 3,574 3,194 3,645 4,136 4,626
EBIT 1 1,795 2,264 2,451 2,890 2,510 2,957 3,370 3,750
Operating Margin 15.95% 18.65% 14.91% 13.44% 14.46% 16.21% 16.68% 16.69%
Earnings before Tax (EBT) 1 1,716 2,109 2,360 2,819 2,355 2,838 3,382 3,836
Net income 1 1,364 1,638 1,925 2,247 1,915 2,252 2,612 3,013
Net margin 12.11% 13.49% 11.71% 10.46% 11.04% 12.35% 12.93% 13.41%
EPS 2 0.3560 0.4287 0.5010 0.5677 0.4877 0.5785 0.6674 0.7620
Free Cash Flow 1 74.01 1,847 656.2 585.9 2,504 1,654 2,506 3,004
FCF margin 0.66% 15.2% 3.99% 2.73% 14.43% 9.07% 12.4% 13.37%
FCF Conversion (EBITDA) 3.61% 72.62% 23.1% 16.39% 78.38% 45.39% 60.59% 64.95%
FCF Conversion (Net income) 5.43% 112.73% 34.1% 26.07% 130.75% 73.47% 95.93% 99.71%
Dividend per Share 2 0.1200 0.1900 0.2600 0.3000 0.2500 0.3043 0.3492 0.3899
Announcement Date 5/21/19 5/15/20 5/14/21 5/16/22 5/15/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 5,593 6,552 6,637 9,797 10,214 11,282 9,289 8,062 8,938 9,394 9,508 9,682
EBITDA - 1,406 - - 1,468 - - - - - - -
EBIT 1 - 1,274 - 1,477 1,151 1,598 1,420 1,090 1,509 1,424 1,466 1,420
Operating Margin - 19.44% - 15.07% 11.26% 14.17% 15.28% 13.52% 16.89% 15.15% 15.42% 14.67%
Earnings before Tax (EBT) - 1,201 - - 1,263 - - - - - - -
Net income 705.7 932.4 - - 988.1 - 1,092 - - - - -
Net margin 12.62% 14.23% - - 9.67% - 11.76% - - - - -
EPS - - - - - - 0.2778 - - - - -
Dividend per Share - - - - - - - - - - - -
Announcement Date 11/15/19 5/15/20 11/30/21 5/14/21 11/12/21 5/16/22 11/15/22 5/15/23 11/15/23 - - -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,114 2,017 294 1,504 438 - - -
Net Cash position 1 - - - - - 618 2,040 4,241
Leverage (Debt/EBITDA) 1.517 x 0.7934 x 0.1034 x 0.4208 x 0.1372 x - - -
Free Cash Flow 1 74 1,847 656 586 2,504 1,655 2,506 3,005
ROE (net income / shareholders' equity) 22.4% 25.3% 22.1% 20% 16.5% 18.3% 18.9% 18.2%
ROA (Net income/ Total Assets) 12.1% 12.4% 12.6% 11.8% 9.54% 12.8% 13.8% 14.7%
Assets 1 11,308 13,180 15,323 18,980 20,081 17,572 18,968 20,446
Book Value Per Share 2 1.620 1.760 2.810 2.960 2.950 3.310 3.720 4.180
Cash Flow per Share 2 0.2900 0.7000 0.5000 0.5900 1.030 0.7700 0.6600 1.080
Capex 1 1,055 836 1,266 1,738 1,555 1,144 1,038 1,010
Capex / Sales 9.37% 6.88% 7.7% 8.08% 8.96% 6.27% 5.13% 4.5%
Announcement Date 5/21/19 5/15/20 5/14/21 5/16/22 5/15/23 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
5.6 HKD
Average target price
7.183 HKD
Spread / Average Target
+28.27%
Consensus

Quarterly revenue - Rate of surprise

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