Elevator Pitch
I maintain my Neutral rating on Hong Kong-listed Chinese furniture manufacturer Man Wah Holdings Limited (MAWHF) (MAWHY) [1999:HK].
This is an update of my initiation article on Man Wah published on January 2, 2020. Man Wah's share price has increased by +49% from HK$5.55 as of December 31, 2019, to HK$8.31 as of July 17, 2020, since my initiation. Man Wah trades at 17.4 times consensus forward next twelve months' P/E, which represents a significant premium to its historical mean consensus forward next twelve months' P/E multiples of 11.7