Are Lee & Man Paper Manufacturing Limited (HKG:2314) Investors Paying Above The Intrinsic Value?
Nov 03
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Hong Kong (HSI) Paper and Forestry Products Industry Analysis
UpdatedNov 14, 2025
DataAggregated Company Financials
Companies10
- 7D8.4%
- 3M14.1%
- 1Y62.4%
- YTD64.3%
Over the last 7 days, the Paper and Forestry Products industry has risen 12%, driven by gains from Nine Dragons Paper (Holdings) of 9.8%. In the same time, Reliance Global Holdings was down 5.7%. In the last 12 months, the industry was up 65%. As for the next few years, earnings are expected to grow by 16% per annum.
Industry Valuation and Performance
Has the Hong Kong Paper and Forestry Products Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 15 Nov 2025 | HK$43.1b | HK$95.6b | HK$2.7b | 9.5x | 16.2x | 0.5x |
| Mon, 13 Oct 2025 | HK$38.4b | HK$95.4b | HK$2.7b | 9.2x | 14.5x | 0.4x |
| Wed, 10 Sep 2025 | HK$41.5b | HK$94.5b | HK$1.7b | 10.8x | 24.1x | 0.4x |
| Fri, 08 Aug 2025 | HK$37.5b | HK$94.9b | HK$1.7b | 13.4x | 22.5x | 0.4x |
| Sun, 06 Jul 2025 | HK$27.1b | HK$95.0b | HK$1.7b | 9.4x | 16.2x | 0.3x |
| Tue, 03 Jun 2025 | HK$23.5b | HK$94.8b | HK$2.1b | 11.7x | 11.4x | 0.2x |
| Thu, 01 May 2025 | HK$22.8b | HK$93.4b | HK$2.0b | 12.3x | 11.2x | 0.2x |
| Sat, 29 Mar 2025 | HK$25.7b | HK$93.7b | HK$2.1b | 14x | 12.3x | 0.3x |
| Mon, 24 Feb 2025 | HK$25.9b | HK$89.9b | HK$2.3b | 9.9x | 11.3x | 0.3x |
| Wed, 22 Jan 2025 | HK$25.1b | HK$89.8b | HK$2.3b | 11.6x | 10.9x | 0.3x |
| Fri, 20 Dec 2024 | HK$25.6b | HK$89.6b | HK$2.3b | 10x | 11.2x | 0.3x |
| Sun, 17 Nov 2024 | HK$25.6b | HK$90.2b | HK$2.3b | 10.2x | 11.1x | 0.3x |
| Tue, 15 Oct 2024 | HK$28.4b | HK$91.6b | HK$2.3b | 11.8x | 12.2x | 0.3x |
| Thu, 12 Sep 2024 | HK$22.3b | HK$87.7b | HK$727.5m | 5.9x | 30.6x | 0.3x |
| Sat, 10 Aug 2024 | HK$24.9b | HK$87.3b | HK$785.8m | 5.9x | 31.7x | 0.3x |
| Mon, 08 Jul 2024 | HK$25.8b | HK$86.3b | HK$340.0m | 7.9x | 76x | 0.3x |
| Wed, 05 Jun 2024 | HK$28.3b | HK$86.6b | HK$312.7m | 9x | 90.4x | 0.3x |
| Fri, 03 May 2024 | HK$27.9b | HK$86.6b | HK$312.8m | 7.6x | 89.1x | 0.3x |
| Sun, 31 Mar 2024 | HK$26.2b | HK$86.4b | HK$308.9m | 4.9x | 85x | 0.3x |
| Tue, 27 Feb 2024 | HK$28.0b | HK$88.3b | -HK$2,051,209,623.76 | 14x | -13.6x | 0.3x |
| Thu, 25 Jan 2024 | HK$24.4b | HK$89.7b | -HK$2,130,975,513.00 | 12.9x | -11.5x | 0.3x |
| Sat, 23 Dec 2023 | HK$28.4b | HK$89.3b | -HK$2,112,154,709.00 | 14.1x | -13.4x | 0.3x |
| Mon, 20 Nov 2023 | HK$28.8b | HK$88.6b | -HK$2,064,138,758.00 | 169.3x | -14x | 0.3x |
| Wed, 18 Oct 2023 | HK$30.8b | HK$88.0b | -HK$1,984,208,844.00 | 14.1x | -15.5x | 0.3x |
| Fri, 15 Sep 2023 | HK$31.5b | HK$93.1b | -HK$387,047,870.00 | 14.5x | -81.5x | 0.3x |
| Sun, 13 Aug 2023 | HK$32.7b | HK$93.5b | -HK$401,685,214.00 | 15.4x | -81.5x | 0.4x |
| Tue, 11 Jul 2023 | HK$34.4b | HK$96.6b | HK$85.9m | 9.4x | 400.4x | 0.4x |
| Thu, 08 Jun 2023 | HK$34.8b | HK$98.2b | HK$34.9m | 10.1x | 997.4x | 0.4x |
| Sat, 06 May 2023 | HK$40.4b | HK$100.2b | HK$3.9m | 11.5x | 10361.9x | 0.4x |
| Mon, 03 Apr 2023 | HK$41.9b | HK$100.7b | -HK$52,117,961.00 | 14.7x | -804.5x | 0.4x |
| Wed, 01 Mar 2023 | HK$45.4b | HK$103.6b | HK$624.9m | 14.9x | 72.6x | 0.4x |
| Fri, 27 Jan 2023 | HK$50.4b | HK$108.8b | HK$5.4b | 9.1x | 9.3x | 0.5x |
| Sun, 25 Dec 2022 | HK$49.3b | HK$106.4b | HK$5.3b | 9.2x | 9.3x | 0.5x |
| Tue, 22 Nov 2022 | HK$39.2b | HK$105.4b | HK$5.3b | 7.5x | 7.5x | 0.4x |
Price to Earnings Ratio
7.5x
Current Industry PE
- Investors are pessimistic on the Hong Kong Forestry industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 14.8x which is lower than its 3-year average PE of 91.9x.
- The industry is trading close to its 3-year average PS ratio of 0.34x.
Past Earnings Growth
- The earnings for companies in the Forestry industry have declined 20% per year over the last three years,
- Revenues have also declined 3.3% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the Hong Kong Materials industry?
| HK Market | 1.84% | |
| Materials | 2.50% | |
| Paper and Forestry Products | 8.42% | |
| Paper Products | 8.60% | |
| Forestry Products | -0.60% | |
Industry PE
- Investors are most optimistic about the Paper Products industry even though it's trading below its 3-year average PE ratio of 46.1x.
- Analysts are expecting annual earnings growth of 16.4%, which is lower than the prior year's growth of 63.1% per year.
Forecasted Growth
- Analysts are most optimistic on the Paper Products industry, expecting annual earnings growth of 16% over the next 5 years.
- However this is lower than its past earnings growth rate of 63% per year.
- In contrast, the Paper Products industry is expected to see its earnings grow by 16% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| 2689 Nine Dragons Paper (Holdings) | HK$6.05 | 9.8% +HK$2.5b | 91.5% | PE14.7x | |
| 2314 Lee & Man Paper Manufacturing | HK$2.95 | 6.1% +HK$730.2m | 26.6% | PE9.3x | |
| 8186 Almana | HK$0.50 | 40.8% +HK$16.5m | -66.7% | PE41.9x | |
| 1069 China Health Technology Group Holding | HK$0.47 | 5.6% +HK$2.6m | 23.7% | PE1.9x | |
| 8191 Hong Wei (Asia) Holdings | HK$0.14 | 8.3% +HK$695.1k | -27.6% | PS0.05x |
