HK-listed sofa maker Man Wah eyes best day in nearly 9 months, Citi upgrades

Man Wah Holdings

23/07/2021 05:14

** Shares of sofa maker Man Wah Holdings Ltd  1999.HK  rise
9.9% to HK$16.70, on course for best day since Nov. 3, 2020 
    ** Stock up after seven straight sessions of decline, hits
the highest since July 19
    ** Fifth-biggest percentage gainer in the Hang Seng
Composite Index  .HSCI  
    ** Citi upgrades Man Wah to "buy" from "neutral" and lifts
TP to HK$20 from HK$18.5
    ** Says Man Wah's core China business remains strong with
strong underlying demand
    ** Says long-fund request level on stock substantially down
from early this year, a sign of relatively under-owned
    ** Citi's action comes after a more than 25% fall in Man Wah
stock price from June high amid selling by Southbound investors,
concerns over co's efficiency in Vietnam after Ho Chi Minh
lockdown and U.S. segment slowdown on high freight charge
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
falls 1.1%, and the Hang Seng Composite Index  .HSCI  drops 1.3%
    ** Both the Hang Seng China Enterprises Index  .HSCE  and
the benchmark index  .HSI  slip 1.1%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))