---
title: "Goldman Sachs slightly raised the target price for MAN WAH HLDGS to HKD 4.8, with mid-term profits exceeding expectations"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/266147514.md"
description: "Goldman Sachs released a report stating that MAN WAH HLDGS' revenue for the first half of the fiscal year met expectations, while profits exceeded expectations. Overseas business growth outperformed domestic, with profit margins benefiting from cost advantages. Management holds a constructive view on the growth of online sales, and offline sales are expected to improve. Goldman Sachs slightly raised its earnings per share forecast for MAN WAH HLDGS for the fiscal years 2026 to 2028 by 1% to 3%, increasing the target price from HKD 4.7 to HKD 4.8, maintaining a \"Neutral\" rating"
datetime: "2025-11-17T08:12:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266147514.md)
  - [en](https://longbridge.com/en/news/266147514.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266147514.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/266147514.md) | [繁體中文](https://longbridge.com/zh-HK/news/266147514.md)


# Goldman Sachs slightly raised the target price for MAN WAH HLDGS to HKD 4.8, with mid-term profits exceeding expectations

Goldman Sachs released a report stating that MAN WAH HLDGS (01999.HK) revenue for the first half of the fiscal year ending in September met expectations, and profits exceeded the bank's expectations. Overseas business growth continues to outperform domestic growth, with a narrowing decline in domestic revenue, mainly driven by online growth and a low base. Profit margins were better than expected, primarily supported by favorable costs, although partially offset by increased expenses.

The bank cited management's comments indicating that the weak domestic real estate market continues to pressure domestic demand. Management maintains a constructive view on online sales growth (with Double 11 sales increasing by 15% year-on-year). Offline, management expects that an increase in average transaction value could drive same-store sales improvement and is committed to improving or closing loss-making stores.

Regarding overseas operations, Goldman Sachs quoted management as saying they will optimize the global supply chain and consider acquisition opportunities, including production capacity in the United States. Management believes that demand in the U.S. is stable, and the company's growth is driven by product advantages, while also noting the downside risks from tariffs. In terms of profit margins, management indicated that tariffs are a major uncertainty and will strive to optimize costs to maintain operational stability.

Regarding dividends, the bank quoted management as saying that the current dividend policy will be maintained for the next two to three years. If there are no significant capital expenditure plans, profits will be shared with shareholders. The bank slightly raised its earnings per share forecast for the fiscal years 2026 to 2028 by 1% to 3% to reflect mid-term performance. The target price was slightly raised from HKD 4.7 to HKD 4.8, maintaining a "Neutral" rating with reasonable risk-reward

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