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Chinese furniture maker best known for recliner sofas and upholstered furniture, sold under the Kuka Home brand globally.
Chinese furniture maker best known for recliner sofas and upholstered furniture, sold under the Kuka Home brand globally.
Makes furniture, including the recliner mechanisms, at its own plants and sells it to retailers abroad and through Kuka Home stores in China, so overseas wholesale and domestic stores are two separate earning streams. Plants outside China give it a way to respond to US tariffs.
In one line: China's La-Z-Boy.
Moat: narrow (brand, scale, distribution). Kuka Home brand recognition and large-scale manufacturing give cost and distribution advantages in recliner furniture.
Headquarters: Hong Kong / Huizhou, China · Founded: 1992 · Employees: 26,050
Size Man Wah (1999.HK) is a Hong Kong Consumer Discretionary company (Home Furnishings) with a market value of $1.20B, the 552nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.44 on 6 Nov 2026.
Performance Over six months the shares fell 44.8%, against -12.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 2.8% over the last twelve months (peer median +0.3%); the operating margin is 13.5% (peer median 6.4%).
Valuation It trades at 7.9× forward earnings against a peer median of 18.5× (2nd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (9.8% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$16.4B | HK$16.4B | HK$16.9B | HK$18.4B | HK$17.4B |
| Revenue growth | — | -3% | -8% | +6% | — |
| Gross profit | HK$6.48B | HK$6.48B | HK$6.84B | HK$7.25B | HK$6.68B |
| EBITDA | HK$2.87B | HK$2.92B | HK$3.42B | HK$3.52B | HK$3.00B |
| Net income | HK$1.81B | HK$1.81B | HK$2.06B | HK$2.30B | HK$1.91B |
| Free cash flow | HK$1.07B | HK$1.07B | HK$2.43B | HK$995M | HK$2.50B |
| Capital expenditure | HK$1.31B | HK$1.31B | HK$902M | HK$1.57B | HK$1.56B |
| Total debt | n/a | HK$4.84B | HK$4.39B | HK$4.33B | HK$4.40B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Man Wah 1999.HK | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% |
| La-Z-Boy LZB | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% |
| Markor International Home Furnishings 600337.SS | $613M | +19% | -43% | -106% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1999.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.3% | -2.3% | 5th lowest of 21 |
| 6-month return | -44.8% | -12.6% | lowest of 21 |
| Distance from 52-week high | -53.9% | -38.1% | 3rd lowest of 21 |
| Revenue growth (TTM) | -2.8% | +0.3% | 5th lowest of 21 |
| Operating margin | 13.5% | 6.4% | 3rd highest of 21 |
| Forward P/E | 7.9× | 18.5× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -6.5% | 2.0% | 3rd least demanding of 15 |
| Growth delivered (Del g) | 0.0% | +6.1% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -6.5 pp | +0.4 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +0.7 pp | -3.1 pp | 8th highest of 21 |
| EV / EBITDA | 4.1× | 9.1× | cheapest of 10 |
| Net debt / EBITDA | 0.5× | 1.0× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Man Wah 1999.HK | Hong Kong | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% | 0.0% |
| CSG 000012.SZ | China | $1.17B | -13% | -12% | -5% | n/a | n/a | n/a |
| De Rucci Healthy Sleep 001323.SZ | China | $1.15B | -26% | -6% | 5% | 19.5× | 0.0% | +3.3% |
| La-Z-Boy LZB | United States | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% | +4.2% |
| Suofeiya Home Collection 002572.SZ | China | $1.12B | -35% | -22% | 8% | 20.7× | -2.8% | +2.3% |
| Ziel Home Furnishing Technology 301376.SZ | China | $1.32B | +32% | +21% | 6% | 18.2× | -7.0% | +17.0% |
| Dong Yi Ri Sheng Home Decoration 002713.SZ | China | $1.08B | -38% | -1% | -23% | n/a | n/a | n/a |
| Okamura 7994.T | Japan | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% | +6.1% |
| MasterBrand MBC | United States | $1.37B | -12% | 0% | -1% | n/a | 19.4% | +2.1% |
| Hyundai G.f 005440.KS | South Korea | $1.44B | -21% | -1% | 4% | 4.8× | -1.0% | +20.1% |
| Forbo FORN.SW | Switzerland | $1.51B | +23% | -1% | 8% | 16.7× | 0.2% | -0.6% |
| TTK Prestige TTKPRESTIG.NS | India | $882M | +14% | +16% | 7% | 33.2× | 36.8% | +6.3% |
| Helen of Troy HELE | United States | $876M | +51% | +1% | 7% | 9.8× | 3.9% | -3.1% |
| Cello World CELLO.NS | India | $870M | -14% | +7% | 16% | 21.5× | 28.6% | +17.2% |
| Yotrio 002489.SZ | China | $809M | -23% | 0% | 2% | n/a | n/a | n/a |
| Chongqing Zhengchuan Pharmaceutical Packaging 603976.SS | China | $769M | +41% | +9% | 3% | n/a | 51.0% | +6.0% |
| WG Tech (JiangXi) 603773.SS | China | $1.87B | -20% | +2% | -8% | 222.4× | n/a | n/a |
| A-Zenith Home Furnishings 603389.SS | China | $1.91B | -17% | +275% | -5% | n/a | n/a | n/a |
| Hunan Hualian China Industry 001216.SZ | China | $729M | -9% | -15% | 12% | n/a | n/a | n/a |
| MotoMotion China 301061.SZ | China | $1.96B | -4% | -2% | 26% | 18.5× | -5.1% | +20.7% |
| Arhaus ARHS | United States | $2.01B | +118% | +5% | 7% | 26.2× | 28.4% | +22.1% |