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Man Wah Holdings

DB:AAM
Snowflake Description

Good value with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AAM
DB
HK$22B
Market Cap
  1. Home
  2. DE
  3. Consumer Durables
Company description

Man Wah Holdings Limited, an investment holding company, manufactures and distributes sofas and ancillary products. The last earnings update was 4 days ago. More info.


Add to Portfolio Compare Print
  • Man Wah Holdings has significant price volatility in the past 3 months.
AAM Share Price and Events
7 Day Returns
7.3%
DB:AAM
0.5%
DE Consumer Durables
-0.3%
DE Market
1 Year Returns
79.7%
DB:AAM
4%
DE Consumer Durables
10.4%
DE Market
AAM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Man Wah Holdings (AAM) 7.3% 22% 75.6% 79.7% 0.6% 80.2%
DE Consumer Durables 0.5% 5.1% 4.1% 4% -3% 13.6%
DE Market -0.3% 4.2% 12.4% 10.4% 13.9% 17.1%
1 Year Return vs Industry and Market
  • AAM outperformed the Consumer Durables industry which returned 4% over the past year.
  • AAM outperformed the Market in Germany which returned 10.4% over the past year.
Price Volatility
AAM
Industry
5yr Volatility vs Market

AAM Value

 Is Man Wah Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Man Wah Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Man Wah Holdings.

DB:AAM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AAM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.812 (1 + (1- 25%) (18.45%))
0.949
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.949 * 6.65%)
6.54%

Discounted Cash Flow Calculation for DB:AAM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Man Wah Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:AAM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 6.54%)
2020 1,154.89 Analyst x2 1,084.00
2021 1,358.62 Analyst x4 1,196.95
2022 1,817.97 Analyst x4 1,503.32
2023 2,111.62 Est @ 16.15% 1,638.97
2024 2,351.82 Est @ 11.38% 1,713.36
2025 2,540.70 Est @ 8.03% 1,737.35
2026 2,685.28 Est @ 5.69% 1,723.50
2027 2,794.07 Est @ 4.05% 1,683.25
2028 2,875.23 Est @ 2.9% 1,625.82
2029 2,935.65 Est @ 2.1% 1,558.09
Present value of next 10 years cash flows HK$15,464.00
DB:AAM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$2,935.65 × (1 + 0.23%) ÷ (6.54% – 0.23%)
HK$46,617.91
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$46,617.91 ÷ (1 + 6.54%)10
HK$24,742.38
DB:AAM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$15,464.00 + HK$24,742.38
HK$40,206.38
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$40,206.38 / 3,768.06
HK$10.67
DB:AAM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AAM represents 0.11214x of SEHK:1999
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11214x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 10.67 x 0.11214
€1.20
Value per share (EUR) From above. €1.20
Current discount Discount to share price of €0.67
= -1 x (€0.67 - €1.20) / €1.20
44.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Man Wah Holdings is available for.
Intrinsic value
44%
Share price is €0.67 vs Future cash flow value of €1.2
Current Discount Checks
For Man Wah Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Man Wah Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Man Wah Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Man Wah Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Man Wah Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AAM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in HKD HK$0.37
SEHK:1999 Share Price ** SEHK (2019-11-19) in HKD HK$5.93
Germany Consumer Durables Industry PE Ratio Median Figure of 8 Publicly-Listed Consumer Durables Companies 16.53x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 19.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Man Wah Holdings.

DB:AAM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1999 Share Price ÷ EPS (both in HKD)

= 5.93 ÷ 0.37

16.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Man Wah Holdings is good value based on earnings compared to the DE Consumer Durables industry average.
  • Man Wah Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Man Wah Holdings's expected growth come at a high price?
Raw Data
DB:AAM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
15.4%per year
Germany Consumer Durables Industry PEG Ratio Median Figure of 5 Publicly-Listed Consumer Durables Companies 1x
Germany Market PEG Ratio Median Figure of 258 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

DB:AAM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.15x ÷ 15.4%

1.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Man Wah Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Man Wah Holdings's assets?
Raw Data
DB:AAM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in HKD HK$1.62
SEHK:1999 Share Price * SEHK (2019-11-19) in HKD HK$5.93
Germany Consumer Durables Industry PB Ratio Median Figure of 12 Publicly-Listed Consumer Durables Companies 1.69x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.88x
DB:AAM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1999 Share Price ÷ Book Value per Share (both in HKD)

= 5.93 ÷ 1.62

3.66x

* Primary Listing of Man Wah Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Man Wah Holdings is overvalued based on assets compared to the DE Consumer Durables industry average.
X
Value checks
We assess Man Wah Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Durables industry average (and greater than 0)? (1 check)
  5. Man Wah Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AAM Future Performance

 How is Man Wah Holdings expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Man Wah Holdings expected to grow at an attractive rate?
  • Man Wah Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Man Wah Holdings's earnings growth is expected to exceed the Germany market average.
  • Man Wah Holdings's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AAM Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AAM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 15.4%
DB:AAM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 10.8%
Germany Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 14%
Germany Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AAM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AAM Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 14,875 2,289 2,052 6
2021-03-31 13,673 1,941 1,822 7
2020-03-31 12,083 2,292 1,530 6
2019-11-19
DB:AAM Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-09-30 11,363 1,404
2019-06-30 11,310 1,384
2019-03-31 11,258 1,129 1,364
2018-12-31 11,073 1,287 1,386
2018-09-30 10,887 1,445 1,408
2018-06-30 10,457 1,454 1,472
2018-03-31 10,027 1,462 1,536
2017-12-31 9,420 1,456 1,599
2017-09-30 8,813 1,451 1,662
2017-06-30 8,296 1,596 1,707
2017-03-31 7,779 1,740 1,752
2016-12-31 7,508 1,862 1,675

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Man Wah Holdings's earnings are expected to grow by 15.4% yearly, however this is not considered high growth (20% yearly).
  • Man Wah Holdings's revenue is expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AAM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Man Wah Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AAM Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 0.54 0.56 0.50 6.00
2021-03-31 0.48 0.51 0.44 7.00
2020-03-31 0.40 0.43 0.38 7.00
2019-11-19
DB:AAM Past Financials Data
Date (Data in HKD Millions) EPS *
2019-09-30 0.37
2019-06-30 0.36
2019-03-31 0.36
2018-12-31 0.36
2018-09-30 0.37
2018-06-30 0.39
2018-03-31 0.40
2017-12-31 0.42
2017-09-30 0.43
2017-06-30 0.45
2017-03-31 0.46
2016-12-31 0.43

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Man Wah Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Man Wah Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Man Wah Holdings has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AAM Past Performance

  How has Man Wah Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Man Wah Holdings's growth in the last year to its industry (Consumer Durables).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Man Wah Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Man Wah Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Man Wah Holdings's 1-year earnings growth is negative, it can't be compared to the DE Consumer Durables industry average.
Earnings and Revenue History
Man Wah Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Man Wah Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AAM Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 11,362.93 1,404.16 2,492.27
2019-06-30 11,310.36 1,383.98 2,424.29
2019-03-31 11,257.79 1,363.80 2,356.30
2018-12-31 11,072.51 1,385.99 2,324.89
2018-09-30 10,887.23 1,408.19 2,293.87
2018-06-30 10,456.90 1,472.05 2,214.38
2018-03-31 10,026.57 1,535.91 2,134.51
2017-12-31 9,419.73 1,598.87 1,966.60
2017-09-30 8,812.88 1,661.83 1,798.69
2017-06-30 8,295.95 1,707.10 1,668.05
2017-03-31 7,779.02 1,752.37 1,537.42
2016-12-31 7,507.85 1,674.66 1,513.17
2016-09-30 7,236.69 1,596.96 1,488.93
2016-06-30 7,282.14 1,462.10 1,531.58
2016-03-31 7,327.59 1,327.24 1,574.23
2015-12-31 7,183.12 1,230.07 1,522.70
2015-09-30 7,038.64 1,132.90 1,471.18
2015-06-30 6,796.73 1,104.03 1,417.70
2015-03-31 6,554.81 1,075.16 1,364.22
2014-12-31 6,430.67 1,052.94 1,343.32
2014-09-30 6,306.53 1,030.72 1,322.42
2014-06-30 6,148.80 1,003.84 1,316.85
2014-03-31 5,991.06 976.97 1,311.27
2013-12-31 5,675.57 914.23 1,287.42
2013-09-30 5,360.09 851.49 1,263.56
2013-06-30 5,118.53 709.95 1,262.01
2013-03-31 4,876.98 568.40 1,260.46
2012-12-31 4,744.22 474.14 1,253.37

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Man Wah Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Man Wah Holdings used its assets more efficiently than the DE Consumer Durables industry average last year based on Return on Assets.
  • Man Wah Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Man Wah Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Man Wah Holdings has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AAM Health

 How is Man Wah Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Man Wah Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Man Wah Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Man Wah Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Man Wah Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Man Wah Holdings Company Filings, last reported 1 month ago.

DB:AAM Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 6,689.48 4,075.57 1,784.04
2019-06-30 6,689.48 4,075.57 1,784.04
2019-03-31 6,716.06 4,552.77 1,675.20
2018-12-31 6,716.06 4,552.77 1,675.20
2018-09-30 6,065.62 2,216.53 1,535.42
2018-06-30 6,065.62 2,216.53 1,535.42
2018-03-31 6,444.48 1,340.71 1,747.84
2017-12-31 6,444.48 1,340.71 1,747.84
2017-09-30 5,754.23 780.32 1,741.48
2017-06-30 5,754.23 780.32 1,741.48
2017-03-31 5,408.92 1,074.93 2,200.21
2016-12-31 5,408.92 1,074.93 2,200.21
2016-09-30 5,135.92 400.00 1,961.35
2016-06-30 5,135.92 400.00 1,961.35
2016-03-31 4,710.35 250.00 1,497.53
2015-12-31 4,710.35 250.00 1,497.53
2015-09-30 4,707.45 1,002.48 2,106.79
2015-06-30 4,707.45 1,002.48 2,106.79
2015-03-31 4,452.33 937.91 1,785.25
2014-12-31 4,452.33 937.91 1,785.25
2014-09-30 4,914.41 956.86 2,710.83
2014-06-30 4,914.41 956.86 2,710.83
2014-03-31 4,502.31 794.50 2,382.21
2013-12-31 4,502.31 794.50 2,382.21
2013-09-30 3,934.42 1,489.19 2,545.46
2013-06-30 3,934.42 1,489.19 2,545.46
2013-03-31 3,468.57 745.66 1,688.09
2012-12-31 3,468.57 745.66 1,688.09
  • Man Wah Holdings's level of debt (60.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (19.5% vs 60.9% today).
  • Debt is well covered by operating cash flow (27.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 20.1x coverage).
X
Financial health checks
We assess Man Wah Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Man Wah Holdings has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AAM Dividends

 What is Man Wah Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.02%
Current annual income from Man Wah Holdings dividends. Estimated to be 3.28% next year.
If you bought €2,000 of Man Wah Holdings shares you are expected to receive €40 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Man Wah Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.35%).
  • Man Wah Holdings's dividend is below the markets top 25% of dividend payers in Germany (3.72%).
Upcoming dividend payment

Purchase Man Wah Holdings before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AAM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Germany Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AAM Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 0.24 6.00
2021-03-31 0.20 7.00
2020-03-31 0.14 6.00
2019-11-19
DB:AAM Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-05-21 0.120 3.044
2018-11-13 0.120 3.147
2018-05-15 0.240 4.576
2017-11-15 0.260 3.772
2017-05-24 0.280 3.932
2016-11-29 0.280 4.993
2016-11-16 0.280 5.057
2016-07-13 0.190 3.498
2015-11-30 0.160 3.389
2015-11-17 0.160 3.552
2015-07-07 0.130 3.288
2014-11-12 0.125 3.432
2014-05-29 0.125 4.124
2014-05-21 0.125 3.856
2013-11-27 0.125 3.837
2013-11-13 0.125 3.829
2013-06-11 0.090 3.424
2013-05-30 0.090 4.087
2012-11-13 0.043 2.512
2012-05-31 0.033 3.696
2011-11-16 0.030 2.714
2011-06-15 0.065 4.949
2010-11-29 0.067 2.396
2010-11-22 0.067 2.176
2010-07-02 0.080 3.466
2010-06-22 0.080 4.275

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Man Wah Holdings has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Man Wah Holdings only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Man Wah Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Man Wah Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Man Wah Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Man Wah Holdings has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AAM Management

 What is the CEO of Man Wah Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Man Li Wong
COMPENSATION HK$2,048,000
AGE 54
TENURE AS CEO 15 years
CEO Bio

Mr. Wong Man Li, BBS, founded Man Wah Holdings Ltd. in 1992 and has been its Chairman of the Board and Managing Director since November 17, 2004. Mr. Wong is responsible for the day-today overall management and mapping the growth of Man Wah. He served as Factory Technician of Hong Kong De Bao Yin Ran Factory Company Limited and served various positions from 1985 to 1991. In 1984, he served as Factory Manager of Hong Kong Kang Li Electronics Group Company Limited, where he started his career in 1980. He serves as Chairman of the Board at Man Wah USA, Inc. and has been its Director since February 2012. Mr. Wong graduated from Nan An Guo Guang secondary school in Fujian Province in the PRC. Mr. Wong received the 2010 Fellowship Award from Asian College of Knowledge Management and an Honorary Doctorate in Management from Lincoln University in 2010.

CEO Compensation
  • Man Li's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Man Li's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Man Wah Holdings management team in years:

2.3
Average Tenure
47
Average Age
  • The tenure for the Man Wah Holdings management team is about average.
Management Team

Man Li Wong

TITLE
Chairman & MD
COMPENSATION
HK$2M
AGE
54
TENURE
15 yrs

Hoi Lam Tsang

TITLE
CFO, Company Secretary & Executive Director
COMPENSATION
HK$2M
AGE
36
TENURE
1.7 yrs

Wai Hing Hui

TITLE
VP of General Administration & Retail Sales and Executive Director
COMPENSATION
HK$2M
AGE
56

Ying Ying Wong

TITLE
Chief Brand Officer
COMPENSATION
HK$1M
AGE
32

Alan Marnie

TITLE
Executive Director
COMPENSATION
HK$6M
AGE
48

Quanfa Dai

TITLE
Senior Director of the Manufacturing Center & Executive Director
COMPENSATION
HK$2M
AGE
46

Kevin Castellani

TITLE
Director of Corporate Communications
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Man Wah Holdings board of directors in years:

7.7
Average Tenure
49.5
Average Age
  • The tenure for the Man Wah Holdings board of directors is about average.
Board of Directors

Man Li Wong

TITLE
Chairman & MD
COMPENSATION
HK$2M
AGE
54
TENURE
15 yrs

Hoi Lam Tsang

TITLE
CFO, Company Secretary & Executive Director
COMPENSATION
HK$2M
AGE
36
TENURE
1.7 yrs

Wai Hing Hui

TITLE
VP of General Administration & Retail Sales and Executive Director
COMPENSATION
HK$2M
AGE
56
TENURE
15 yrs

Ying Ying Wong

TITLE
Chief Brand Officer
COMPENSATION
HK$1M
AGE
32
TENURE
4.8 yrs

Alan Marnie

TITLE
Executive Director
COMPENSATION
HK$6M
AGE
48
TENURE
8.1 yrs

Quanfa Dai

TITLE
Senior Director of the Manufacturing Center & Executive Director
COMPENSATION
HK$2M
AGE
46
TENURE
7.3 yrs

David Chau

TITLE
Independent Non Executive Director
COMPENSATION
HK$380K
AGE
55
TENURE
9.7 yrs

Yuan Ding

TITLE
Independent Non-Executive Director
COMPENSATION
HK$380K
AGE
50
TENURE
2.9 yrs

Alan Ong

TITLE
Independent Non-Executive Director
COMPENSATION
HK$380K
AGE
49
TENURE
9.7 yrs

Tony Kan

TITLE
Independent Non-Executive Director
COMPENSATION
HK$380K
AGE
68
TENURE
6.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Apr 19 Sell Orient Securities Asset Management Co., Ltd Company 15. Apr 19 15. Apr 19 -8,872,000 €0.52 €-4,647,206
27. Mar 19 Sell Orient Securities Asset Management Co., Ltd Company 26. Mar 19 26. Mar 19 -6,426,800 €0.47 €-3,039,174
18. Mar 19 Sell Orient Securities Asset Management Co., Ltd Company 15. Mar 19 15. Mar 19 -2,556,800 €0.51 €-1,294,539
31. Jan 19 Buy Orient Securities Asset Management Co., Ltd Company 30. Jan 19 30. Jan 19 1,420,800 €0.42 €593,106
28. Jan 19 Sell Orient Securities Asset Management Co., Ltd Company 25. Jan 19 25. Jan 19 -1,948,800 €0.42 €-825,167
08. Jan 19 Buy Man Li Wong Individual 04. Jan 19 04. Jan 19 3,000,000 €0.32 €969,342
19. Dec 18 Buy Orient Securities Asset Management Co., Ltd Company 18. Dec 18 18. Dec 18 1,293,600 €0.37 €480,315
24. Nov 18 Buy Man Li Wong Individual 23. Nov 18 23. Nov 18 3,000,000 €0.38 €1,146,451
24. Nov 18 Buy Man Li Wong Individual 22. Nov 18 22. Nov 18 3,000,000 €0.38 €1,148,337
22. Nov 18 Buy Man Li Wong Individual 21. Nov 18 21. Nov 18 3,000,000 €0.38 €1,147,972
22. Nov 18 Buy Man Li Wong Individual 20. Nov 18 20. Nov 18 1,211,600 €0.38 €465,086
X
Management checks
We assess Man Wah Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Man Wah Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AAM News

Simply Wall St News

AAM Company Info

Description

Man Wah Holdings Limited, an investment holding company, manufactures and distributes sofas and ancillary products. The company operates through Sofa and Ancillary Products, Other Products, and Home Group Business segments. It offers sofas under the CHEERS brand; mattresses under the Enlanda brand; panel furniture and furniture accessories; sofas, sofa-beds, beds, armchairs, and accessories under the Fleming brand name; and chairs, smart furniture spare parts, etc. The company is also involved in the production and sale of chairs and other products to high-speed railways, chain cinemas, and other business customers, as well as metal components for furniture; advertising and marketing of home furnishing products; manufacturing and trading of foam products; property investment business; operation, leasing, and management of furniture malls; trading of sofas, bedding products, other furniture, and furniture components, as well as foam products; and research and production of smart drive machines and electric regulators. In addition, it offers property management services; offshore sales, management business consultancy, and back office support services; business management and design services; warehouse services; and brand management, and import and export services. As of March 31, 2019, the company had a total of 2,614 CHEERS First-class Cabin brand sofa and CHEERS Five-star Mattress brand stores, as well as Fleming stores in China. It has operations in the People's Republic of China, North America, Europe, Australia, the United Arab Emirates, Israel, and Indonesia. The company was founded in 1992 and is headquartered in Fotan, Hong Kong. Man Wah Holdings Limited is a subsidiary of Man Wah Investments Limited.

Details
Name: Man Wah Holdings Limited
AAM
Exchange: DB
Founded: 1992
HK$2,574,753,174
3,768,060,400
Website: http://www.manwahholdings.com
Address: Man Wah Holdings Limited
Wah Lai Industrial Center,
1st Floor,
Fotan,
New Territories, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1999 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 09. Apr 2010
OTCPK MAWH.F Ordinary Shares Pink Sheets LLC US USD 09. Apr 2010
DB AAM Ordinary Shares Deutsche Boerse AG DE EUR 09. Apr 2010
SHSC 1999 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 09. Apr 2010
SZSC 1999 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 09. Apr 2010
OTCPK MAWH.Y UNSPONSORD ADR Pink Sheets LLC US USD 09. Jul 2010
Number of employees
Current staff
Staff numbers
20,503
Man Wah Holdings employees.
Industry
Home Furnishings
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/19 21:27
End of day share price update: 2019/11/19 00:00
Last estimates confirmation: 2019/11/19
Last earnings filing: 2019/11/15
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.