Man Wah Holdings Limited logo

Man Wah Holdings Limited

1999.HK

HKSEConsumer CyclicalFurnishings, Fixtures & Appliances

Latest quote

HK$3.155

+HK$0.02 · +0.64%

Aug 24, 11:59 AM HKT

1999.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Man Wah Holdings Limited functions as an investment holding company, primarily focused on the global production, wholesale, and distribution of sofas and related furniture items. Its market reach spans the People's Republic of China, North America, Europe, and various other international markets. The company structures its diverse business activities across segments including Sofa and Ancillary Products, Other Products, Other Business, and Home Group Business. Beyond its core sofa offerings, Man Wah manufactures mattresses, components for smart furniture, and metal mechanisms essential for recliners. It also supplies chairs and other specialized products to commercial clients such as high-speed railways and cinema chains. The company's broader operations encompass advertising and marketing for home furnishings, property investment, real estate development and management services, and the management, leasing, and operation of furniture shopping centers. Additionally, it engages in the manufacturing and trading of bedding products, various types of furniture, furniture components, and foam products, alongside research and production of advanced smart drive machines and electric regulators. Its service portfolio includes offshore sales, business and back-office support, general business management, advertising, design services, as well as comprehensive marketing, logistics, and warehousing solutions. Man Wah also manages hotel operations and sells residential properties. As of March 31, 2022, the company maintained a significant retail presence in China, operating 5,968 branded stores. Established in 1992 and headquartered in Fo Tan, Hong Kong, Man Wah Holdings Limited operates as a subsidiary of Man Wah Investments Limited.

Industry
Furnishings, Fixtures & Appliances
Sector
Consumer Cyclical
Headquarters
HK
CEO
Man Li Wong
Listed since
Apr 9, 2010
Employees
26,050

Market position

Day range

Current HK$3.155

52-week range

Current HK$3.155

Open
HK$3.11
Previous close
HK$3.135
Volume
3.01M
0.3× average
Average volume
10.11M
Average daily volume
Market cap
12.13B HKD
Beta
1.42
Market reference 1
50-day average
HK$3.1492
+0.18% above average
200-day average
HK$4.1724
-24.38% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
6.71×
P/B (TTM)
0.86×
P/S (TTM)
0.74×
Dividend yield
7.61%

Profitability & efficiency

Gross margin
39.43%
Operating margin
14.20%
Net margin
11.03%

Financial health

Debt / equity
0.34×
Altman Z-score
4.12
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends43%31%19%7%Gross margin, FY2022: 36.71%Gross margin, FY2023: 38.49%Gross margin, FY2024: 39.37%Gross margin, FY2025: 40.49%Gross margin, FY2026: 39.43%Operating margin, FY2022: 12.30%Operating margin, FY2023: 13.32%Operating margin, FY2024: 16.63%Operating margin, FY2025: 16.71%Operating margin, FY2026: 13.78%Net margin, FY2022: 10.46%Net margin, FY2023: 11.04%Net margin, FY2024: 12.51%Net margin, FY2025: 12.20%Net margin, FY2026: 11.03%FY2022FY2023FY2024FY2025FY2026
Gross margin FY2022 36.71%. Gross margin FY2023 38.49%. Gross margin FY2024 39.37%. Gross margin FY2025 40.49%. Gross margin FY2026 39.43%. Operating margin FY2022 12.30%. Operating margin FY2023 13.32%. Operating margin FY2024 16.63%. Operating margin FY2025 16.71%. Operating margin FY2026 13.78%. Net margin FY2022 10.46%. Net margin FY2023 11.04%. Net margin FY2024 12.51%. Net margin FY2025 12.20%. Net margin FY2026 11.03%.

Income trends

Revenue

16.43B HKD-2.80%

Operating income

2.26B HKD-19.84%

Net income

1.81B HKD-12.13%
Income trends across reported periods23.47B HKD15.59B HKD7.72B HKD−156.01M HKDRevenue, FY2022: 21.5B HKDRevenue, FY2023: 17.35B HKDRevenue, FY2024: 18.41B HKDRevenue, FY2025: 16.9B HKDRevenue, FY2026: 16.43B HKDOperating income, FY2022: 2.64B HKDOperating income, FY2023: 2.31B HKDOperating income, FY2024: 3.06B HKDOperating income, FY2025: 2.82B HKDOperating income, FY2026: 2.26B HKDNet income, FY2022: 2.25B HKDNet income, FY2023: 1.91B HKDNet income, FY2024: 2.3B HKDNet income, FY2025: 2.06B HKDNet income, FY2026: 1.81B HKDFY2022FY2023FY2024FY2025FY2026
Revenue FY2022 21.5B HKD. Revenue FY2023 17.35B HKD. Revenue FY2024 18.41B HKD. Revenue FY2025 16.9B HKD. Revenue FY2026 16.43B HKD. Operating income FY2022 2.64B HKD. Operating income FY2023 2.31B HKD. Operating income FY2024 3.06B HKD. Operating income FY2025 2.82B HKD. Operating income FY2026 2.26B HKD. Net income FY2022 2.25B HKD. Net income FY2023 1.91B HKD. Net income FY2024 2.3B HKD. Net income FY2025 2.06B HKD. Net income FY2026 1.81B HKD.
Metric (HKD)FY2026FY2025FY2024FY2023FY2022
Revenue16.43B HKD16.9B HKD18.41B HKD17.35B HKD21.5B HKD
Cost of goods sold9.95B HKD10.06B HKD11.16B HKD10.67B HKD13.61B HKD
Gross profit6.48B HKD6.84B HKD7.25B HKD6.68B HKD7.89B HKD
Research and development12.58M HKD13.37M HKD
Selling, general, and administrative4.14B HKD3.83B HKD4.27B HKD4.36B HKD5.27B HKD
Operating expenses4.03B HKD4.02B HKD4.19B HKD4.37B HKD5.25B HKD
Interest income122.16M HKD130.78M HKD152.1M HKD120.31M HKD71.16M HKD
Interest expense91.18M HKD147.82M HKD200.5M HKD164.86M HKD79.69M HKD
Depreciation and amortization651.84M HKD535.7M HKD572.88M HKD684.52M HKD684.53M HKD
Operating income2.26B HKD2.82B HKD3.06B HKD2.31B HKD2.64B HKD
Net income1.81B HKD2.06B HKD2.3B HKD1.91B HKD2.25B HKD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
-3.21%
11 comparable reports
Latest EPS result
0.17
Estimate 0.24 · Miss by 29.17%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.340.270.210.14Q2 '23MissQ4 '23BeatQ2 '24BeatQ4 '24BeatQ2 '25MissQ4 '25BeatQ2 '26MissQ4 '26Estimate
Q2 2023, reported May 15, 2023: actual 0.21, estimate 0.3, surprise -30.03%, Miss. Q4 2023, reported Nov 15, 2023: actual 0.291, estimate 0.29, surprise +0.17%, Beat. Q2 2024, reported May 16, 2024: actual 0.299, estimate 0.279, surprise +7.17%, Beat. Q4 2024, reported Nov 22, 2024: actual 0.294, estimate 0.27, surprise +8.77%, Beat. Q2 2025, reported May 15, 2025: actual 0.24, estimate 0.28, surprise -14.29%, Miss. Q4 2025, reported Nov 14, 2025: actual 0.295, estimate 0.27, surprise +9.42%, Beat. Q2 2026, reported May 15, 2026: actual 0.17, estimate 0.24, surprise -29.17%, Miss. Q4 2026, reported Nov 13, 2026: actual —, estimate 0.24, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates10.45B9.43B8.41B7.39BQ2 '23MissQ4 '23MissQ2 '24BeatQ4 '24MissQ2 '25MissQ4 '25MissQ2 '26BeatQ4 '26Estimate
Q2 2023, reported May 15, 2023: actual 8.06B HKD, estimate 10.04B HKD, surprise -19.74%, Miss. Q4 2023, reported Nov 15, 2023: actual 8.94B HKD, estimate 9.78B HKD, surprise -8.58%, Miss. Q2 2024, reported May 16, 2024: actual 9.44B HKD, estimate 9.39B HKD, surprise +0.47%, Beat. Q4 2024, reported Nov 22, 2024: actual 8.31B HKD, estimate 8.94B HKD, surprise -6.98%, Miss. Q2 2025, reported May 15, 2025: actual 8.6B HKD, estimate 9.23B HKD, surprise -6.87%, Miss. Q4 2025, reported Nov 14, 2025: actual 8.03B HKD, estimate 8.06B HKD, surprise -0.34%, Miss. Q2 2026, reported May 15, 2026: actual 8.38B HKD, estimate 8.1B HKD, surprise +3.57%, Beat. Q4 2026, reported Nov 13, 2026: actual —, estimate 7.79B HKD, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.27

2025 complete year-6.9% since 2021

2026 partial: HK$0.09

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jul 7, 2026

HK$0.09

Semi-Annual

Record Jul 8, 2026 · Payment Jul 22, 2026

Dividend

Ex-dividend Dec 1, 2025

HK$0.15

Semi-Annual

Record Dec 2, 2025 · Payment Dec 17, 2025

Dividend

Ex-dividend Jul 4, 2025

HK$0.12

Semi-Annual

Record Jul 7, 2025 · Payment Jul 23, 2025

Dividend

Ex-dividend Dec 10, 2024

HK$0.15

Semi-Annual

Record Dec 11, 2024 · Payment Jan 8, 2025

Dividend

Ex-dividend Jul 4, 2024

HK$0.15

Semi-Annual

Record Jul 5, 2024 · Payment Jul 22, 2024

Dividend

Ex-dividend Nov 28, 2023

HK$0.15

Semi-Annual

Record Nov 29, 2023 · Payment Jan 2, 2024

1999.HK peers

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