WH Group 0288

Re: WH Group 0288

Postby winston » Fri Feb 21, 2020 1:15 pm

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<Research Report>Nomura Hikes WH GROUP (00288.HK) TP to $11.4; Expects Last Quarter Results Resilient

Nomura estimated WH GROUP (00288.HK)'s 4Q19 operating profit growth to come faster than 3Q19 on the fresh pork businesses in the US and China.

The broker also expected the robust 4Q19 results to become the next catalyst.

The COVID-19 outbreak has not caused much pain to the meat producer in light of resilient demand and faster production resumption, Nomura opined, which lifted the 2019-21E earnings by 2-7% to reflect ameliorated US business.

The rating was reiterated Buy with target price added to $11.4.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Wed Apr 29, 2020 8:08 am

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Pork giant still brings home the bacon

by Avery Chen

WH Group (0288) recorded an 80 percent rise in first-quarter net profit year-on-year as most mainland companies saw lower earnings.

The world's biggest pork producer yesterday said its net profit before biological fair value adjustments jumped 80 percent to US$353 million (HK$2.75 billion) for the quarter ended March.

First-quarter revenue grew by 18.9 percent to US$6.28 billion. The net profit after biological fair value adjustments fell 19.25 percent to US$281 million. However, five of its US meat processing plants have temporarily closed.

Source: The Standard

https://www.thestandard.com.hk/section- ... -the-bacon
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Re: WH Group 0288

Postby winston » Wed Apr 29, 2020 1:48 pm

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<Research Report>Citi: WH GROUP (00288.HK) US Biz Uncertain, 2-3Q Performance to Dented by Plague

WH GROUP (00288.HK)'s 1Q20 net profit ballooned 80% YoY, 20% above Citigroup's expectation.

The beat was due to higher-than-expected operating profits in the US and Europe. Mainland operating profit grew 21% YoY as well.

The broker expected uncertain COVID-19 impact on WH GROUP's American business for 2Q-3Q20. Overall, WH GROUP was kept at Buy, with a target of $9.91.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Wed Apr 29, 2020 1:49 pm

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<Research Report>C Suisse Lifts WH GROUP (00288.HK) TP to $10.9 on Robust 1Q Results

Credit Suisse mentioned in its research report that WH GROUP (00288.HK) had delivered 1Q20 core operating profit and sales up by 61.3% and 18.9% yearly, both ahead of market estimates.

The broker kept Outperform on WH GROUP at the target price $10.9, lifted from $10.7, with 2020-21E earnings slightly revised up by 2-3%.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Wed Aug 12, 2020 4:31 pm

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WH GROUP: 2H20 Situation Looks Not Quite Well; Expects China's Hog Price to Stay High in Short Run

Wan Long, Chairman and Chief Executive Officer of WH GROUP, said he is not quite optimistic about the situation in 2H20 under the floods influence in China on aquaculture sector.

Given the current internal and external environment, the company has not had any M&A plans or targets for now.

The CFO Guo Lijun forecast Chinese pork price to remain high in short term, before turning around at the year end or early next year.

The average hog price approximated RMB33 in China 1H20, being a relatively high level.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Wed Aug 12, 2020 4:33 pm

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WH GROUP Interim NP Before Biological Fair Value Adj. Grows 18.8%; Keeps Div at 5 Cents

WH GROUP (00288.HK) announced interim results ended June 2020.

Net profit before biological fair value adjustments amounted to US$550 million, up 18.8% yearly, of which EPS equaled US3.73 cents.

Net profit after biological fair value adjustments amounted to US$317 million, down 44.3% yearly, of which EPS equaled US2.15 cents.

Interim DPS was HK$0.05, flattish yearly.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Thu Aug 13, 2020 11:52 am

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WH Group (288 HK) - Smithfield bore the brunt of COVID

WH Group’s 2Q20 results was a mixed bag, with EBIT declining 12% y/y to USD375mn.

As a result of the temporary closures of several plants in the US (~25% of capacity) and stringent social distancing measures that have reduced utilisation at these plants, the EBIT for its US operations (Smithfield) declined by 73% y/y to USD50mn in 2Q.

This was offset by the rebound in China operations (+39% y/y) and steady growth in Europe (+18% y/y).

With the gradual re-opening of the economy and as hog process normalise, the worst is likely over.

We expect both hog production and the packaged meat business in US to pick up more notably in the 4Q peak season.

Going into 2H, we expect its China business to continue being the growth engine with margin support by moderating pork prices and an improving product mix.

However, risk of resurgence of new case in tandem with the re-opening lower the earnings visibility. BUY.

Source: OCBC
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Re: WH Group 0288

Postby winston » Wed Aug 18, 2021 11:09 am

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Aug 13, 2021

WH Group net profit dips 2pc

by Eurus Yiu

WH Group (0288) said its net profit for the first half before biological fair value adjustments fell 2 percent to US$539 million (HK$4.2 billion).

Half-year revenue rose by 6.8 percent to US$13.3 billion.

Sales of packaged meats increased by 10.8 percent to US$6.46 billion, while pork sales were worth US$6.14 billion - the same as last year.

Sales of packaged meats rose 2.5 percent to 1.61 million metric tons, while pork was also up 10.1 percent to 2.14 million metric tons.

Basic earnings per share were 3.66 US cents and an interim dividend of 5 HK cents per share was proposed.



Source: The Standard

https://www.thestandard.com.hk/section- ... t-dips-2pc
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Re: WH Group 0288

Postby winston » Wed Aug 18, 2021 11:11 am

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Valuation

We reduce our TP to HK$7.6 but keep our BUY call.

Our TP is based on SOTP valuation, where we value China operations at 16x,, and US operations at 11x, on greater exposure to the upstream segment.

Source: DBS

https://www.dbs.com.sg/treasures/aics/s ... 288_HK.xml
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Re: WH Group 0288

Postby winston » Wed Aug 18, 2021 11:35 am

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June 7, 2021

World’s biggest pork producer WH Group makes US$1.93 billion buyback offer to boost value as stock underperforms market

WH Group is offering HK$7.80 per share to buy back 13 per cent of its capital at a premium over market price

The cash offer at 12.6 per cent premium to June 2’s last traded price comes as stock underperforms the Hang Seng Index


by Enoch Yiu

WH Group has been under pressure in the last two years as the Chinese meat processor struggles with rising pig costs following the outbreak of Africa swine fever.

The disease, first reported in China in August 2018, caused pork prices to surge in 2019 and 2020.

The bulk of WH’s revenue is derived from processed pork, while pig production accounted for just 3.9 per cent of sales in 2019.



Source: SCMP
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