HK's sofa maker Man Wah at 1-1/2 yrs high, says repurchased $2.6 mln shares

Man Wah Holdings

09/01/2020 03:07

** Shares of Chinese sofa manufacturer Man Wah Holdings Ltd
 1999.HK  surge as much as 9.5% to HK$6.12, the highest since
July 2018
    ** Company says it has repurchased 3.552 mln shares in open
market on Jan. 8 for HK$19.9 mln ($2.6 mln), reflecting its
confidence in the firm's prospects (https://bit.ly/2FzCJjy)
    ** Company bought the shares at between HK$5.4 and HK$5.65
each. That compared with the closing price of HK$5.59 on Jan. 8.
It says its cash flow is strong and healthy
    ** Man Wah has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 10.9 percentage points in the
past one month
    ** Among the 10 analysts that cover Man Wah, the current
average rating on the shares is "buy"; the breakdown of
recommendations is  8 "strong buy" or "buy", and two "hold"
    ** The Hang Seng China enterprises index  .HSCE  climbs
1.2%, and the benchmark index  .HSI  gains 1.1%


($1 = 7.7753 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)