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Man Wah
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knightrider
Elite |
28-Sep-2006 10:44
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Hi, I have monitoring this counter quite a while since April 2006 and also saw the Friday night 9.30 money investment Chinese program in channel U. During 1 episode in a few months ago, regarding this company, it claims that their sofa brand - Cheers is one of the most popular in Europe. I also saw the boss himself continue buying this stock since 0.4 till 0.46. Is this going to be like the HTL. Any comments, please input. Thks. |
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Nostradamus
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27-Sep-2006 23:54
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It has recently secured more orders from trade fairs held in Las Vegas, Shanghai and Dongguan. This demonstrates that Man Wah is gaining strength in different markets. Overseas sales driven up by high quality and competitive price. Man Wah is now supplying to ten of the top 100 US furniture retailers, compared to just two in 2005. These big retailers have visited Man Wah's new plant and have given positive feedback on its products. Sales to the US is expected to grow another 30% yoy in FY07 despite the relatively large base of HK$159m in FY06. Sales to the EU will also catch up quickly under the help of its strategic ally, Schieder, one of the biggest German furniture provider. China sales also expanding with the number of franchised shops. The number of Man Wah's franchised shops has increased to 101 as at end-FY06, 60 more than at end-FY05. The fast expansion drove China sales up by 365% to Rmb72.9m in FY06. We expect Man Wah to lift the number of shops to 160 by end-FY07. Both single-shop sales and increasing shop numbers will drive its China sales in FY07. Second-phase expansion on track. In July, the first phase added capacity for 50,000 sets of sofas per year. The second phase is proceeding on schedule but better market conditions have prompted management to raise capacity from the previously planned 100,000 sets per year to 150,000 sets. It plans to eventually double its current annual capacity of 153,000 sets to more than 300,000 sets after its second phase. UOBKH sees a continuous growth in Man Wah's major markets. Gross margins are likely to maintain at current level. UOBKH maintain their earnings forecasts and target price of $0.61, or 9x FY07 PE. |
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Nostradamus
Supreme |
20-Sep-2006 17:23
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It was higher after saying it has seen increased orders from US furniture retailers, with its sofas now being distributed by 10 of the largest furniture retailers in the US from just two last year, dealers said. The US is one of the fastest growing markets for Man Wah. Its sales in North America rose 39.8% yoy to HK$158.8m in the year ended March 2006. "While the group currently has a small market share in the US, our sales are growing rapidly and we have reason to believe that we are gaining market share," Man Wah managing director Wong Man Li said. |
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singaporegal
Supreme |
31-Aug-2006 15:14
Yells: "Female TA nut" |
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This one has low volume... only recently came alive with very high volumes. |
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Nostradamus
Supreme |
31-Aug-2006 12:48
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OCBC says it has started coverage with a target price of $0.535. "Man Wah is ahead of the game when it comes to proprietary brands as compared to local original-design-manufacturer-focussed furniture players," OCBC said in a note. It said the company's "CHEERS" brand was already well known in Hong Kong and mainland China and that it had secured strong orders at furniture trade shows in its financial first quarter ended June. "We expect higher sales orders to filter through from these new sales leads in the year to March 2007," the brokerage said. It projects that Man Wah's net profit for the year ending March will to rise 32.9% yoy to HK$110.8m and that the CAGR of the company's net profit will be 27.1% between the year to last March and the year to March 2008. |
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Gallen
Senior |
25-May-2006 23:28
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Extracted from my blog http://kelongstocks.blogspot.com Fundamental Analysis Man Wah achieved strong sales growth largely due to increase in export sales especially to Europe which sawa 317% rise in sales compared to last year. Sales in the PRC also grew strongly as Man Wah increased the number of its "Cheers" brand specialty stores from 40 to 101 but growth was offset by lower demand from HK market. Gross margins were only slightly lower due to higher proportion of sales of sofa which commanded lower margins compared to other furniture. Also margins were pressured by higher labour costs as production capacity was increased and higher raw material costs (rose only 2%). Despite major efforts spent on marketing and promotional activities to create brand awareness, selling and distribution and admin expenses increased reasonably (less than % increase in revenues) which led to a net increase in margins. This increase in net margins is seen if you exclude the discontinued business (royalty income) from FY05 results - shown under extraordinaries. Without the royalty income, net margins in FY05 would have been 14.2%. Outlook is bright especially with strong demand by overseas markets as evidenced by its success at IMM Cologne Furniture Fair, the Las Vegasâ?? World Marketplace Fair, the Singapore International Furniture Fair and the International Famous Furniture Fair in Dongguan, PRC. Man Wah also has a joint venture with the German-based Schieder Group, one of the largest furniture manufacturers in Europe, to promote the Groupâ??s â??Cheersâ?? brand of leather sofas in Germany and other member states in the European Union. Also Man Wah expects to increase the number of specialty stores from 101 to 160 in the PRC. ..........fair value and conclusion at my blog. |
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