17 Nov 2023

Man Wah reported its Sept ended 1HFY24 results with top line decreased by 4.0% YoY to HK$9.1bn. GPM slightly increased by 0.3ppt YoY to 39.1%. NP increased by 4.0% YoY to HK$1.1bn with NPM improved by 1.0ppt YoY to 12.4%, driven by the YoY drop in SG&A ratio from 25.3% in 1HFY23 to 22.4% in 1HFY24. The company maintained its interim DPS at HK$0.15, representing a dividend payout ratio at 52.0% during the period (1HFY23: 54.0%).

CROSBY Research – Man Wah Holdings (1999 HK): 1HFY24 NP rose by 4.0% YoY on lower SG&A ratio