HK's sofa maker Man Wah hits record high after strong H1 results

Man Wah Holdings

16/11/2020 02:38

** Shares of sofa products producer Man Wah Holdings Ltd
 1999.HK  rise as much as 13.9% to HK$15.28, their record high
since listing in April 2010  
    ** Stock last up 8.1%, set for the best day since Nov. 3,
and on track for third straight session of gains
    ** Sofa maker says first half profit for six months ended in
September rose 6.2% from a year ago with revenue surging 18.8%. 
It declares an interim dividend of HK$0.10 per share, up from
HK$0.07 per share in a year ago period  urn:newsml:reuters.com:*:nFWN2HZ0EP
    ** Brokerage Daiwa reiterates "buy" on Man Wah and lifts TP
to HK$16 from HK$10.5, saying the firm is entering a "golden
age" of growth with China's retail and export businesses likely
to accelerate in H2    
    ** CMB International says it is positive on Man Wah in
FY21E-22E considering rapid store expansion ahead and robust
overseas order with growth set to accelerate in H2 
    ** The Hang Seng China enterprises index  .HSCE  slides
0.4%, while the benchmark index  .HSI  gains 0.2%
    ** As of last close, the stock had soared 141.8% this year 

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