Elevator Pitch
The share price of Hong Kong-listed Chinese furniture manufacturer Man Wah Holdings Limited (OTCPK:MAWHF) (OTCPK:MAWHY) [1999:HK] was up by +85% (excluding dividends) in 2019. This was due to a combination of factors, including easing U.S.-China trade tensions, a shift in production capacity from China to Vietnam, strong revenue growth for Man Wah's core China market and declining raw material costs.
Man Wah trades at 11.6 times consensus forward FY2020 (YE March) P/E which is on par with its historical 10-year average forward P/E of approximately 11 times. The stock