WH Group 0288

WH Group 0288

Postby winston » Tue Aug 05, 2014 10:35 am

<IPO News>WH Group (00288.HK) said to price at $6.2

From foreign sources, WH Group (00288.HK), the biggest pork producer in the world, intends to offer shares from 24 July to 29 July for $6.2 per share, representing 2014 forecast P/E of 11.5 times, in a bid to raise approximately US$2 billion.

The stock is expected to be listed on 5 July.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Tue Aug 05, 2014 10:38 am

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Matthew Kwok expects WH Group (00288.HK) to give bullish performance after listing
Jul 24, 2014


Matthew Kwok, chief strategist at China Yinsheng Wealth Management, said WH Group (00288.HK), the world's largest pork producer, returned to pursue the IPO in HK to raise a net proceeds of US$2.05 billion, a large difference from the original plan of US$5.3 billion, and the offer price was cut from $8-$11.25 to $6.2, representing 2014 forecast P/E of 11.5 times.

China is the world's largest pork producer and consumer market. Along with the rising per capita income, and rising urban population in China, the consumer demand for pork will increase, favoring to the industry outlook.

This price has been slashed, leading to a more attractive valuation. Investors may consider subscribing for the stock by cash as the performance is expected to be bullish after the listing.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Tue Aug 05, 2014 8:26 pm

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Summary of 2014 P/E forecasts of WH Group (00288.HK) and its competitors
2014/04/15

The world's largest pork trader WH Group (00288.HK) N/A (N/A) will commence IPO tomorrow until 22 April.

The offer price falls between $8-$11.25 per share, indicating an admission fee of $5,681.7.

The followings summarize the 2014 P/E forecasts of its competitors.

Stock name/ 2014 P/E forecast
WH Group (00288.HK) N/A (N/A) : 15x-20.8x*
Tyson Foods: 14.6x
Hormel: 21x
Kraft: 17.4x
WANT WANT CHINA (00151.HK) -0.080 (-0.746%) Short selling $21.43M; Ratio 23.385% : 27.5x
TINGYI (00322.HK) +0.200 (+0.899%) Short selling $17.63M; Ratio 25.542% :29.3x

* indicates market sources

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Wed Aug 06, 2014 5:45 am

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Meaty debut for pork firm

WH Group (0288), the world's biggest pork company, surged 7 percent on its Hong Kong trading debut yesterday after sharply lowering valuations in its second try at an initial public offering.

While WH Group's HK$16 billion IPO is the third-largest in Asia-Pacific this year, it raised less than half of its original target.

But even though it had a bumpy ride to market, many investors believe the firm, formerly known as Shuanghui International Holdings, will do well in the long term, given China's huge and growing appetite for pork and its highly fragmented local market.

"They're going to have a pretty distinct advantage within China in terms of assets," said Stephen Yang, an analyst at Sun Hung Kai Financial.

"There aren't many companies with the same sort of scale that they have and also international assets, so they can leverage that."

Per capita pork consumption in the mainland totaled just 41.36 kilograms in 2013, around half the 80.13kg in Hong Kong, according to the IPO prospectus.

WH Group shares closed at HK$6.66, up from its IPO price of HK$6.20 and giving the company a market value of HK$95.94 billion. The shares hit an intraday high of HK$6.86.

Proceeds from the IPO will go toward paying loans.

Source: REUTERS
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Re: WH Group 0288

Postby winston » Sun Aug 31, 2014 9:03 pm

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WH GROUP (00288.HK) 1H net profit up 105.62% yoy

WH GROUP (00288.HK) +0.060 (+0.951%) announced that for the half year as of the end of June, the turnover rose 219.59% yearly to US$10.54 billion;

Net profit rose 105.62% yearly to US$366 million, representing EPS of 4.96 cents.

No dividend was declared.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Tue Sep 02, 2014 4:57 pm

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WH GROUP (00288.HK) may export pork to Russia in 2H - report

Nikkei reported WH GROUP (00288.HK) -0.090 (-1.391%) has been in discussions so as to export pork products to Russia.

The government of Russia had forbidden pork from the EU, while it has been in talks with China and Korea regarding the imports of pork.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Fri Sep 12, 2014 9:18 am

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<Research Report>WH GROUP (00288.HK) initiated Overweight with target $8.6 by M Stanley

Morgan Stanley initiated an Overweight rating on WH GROUP (00288.HK) and set its target price at $8.6.

The research house said as the world's largest pork producer, the company is a beneficiary of the Mainland market growth and the U.S. cost advantage.

Moreover, the current valuation of the company represents 11x 2015 P/E and 7.6x EV/EBITDA, which seem to be highly attractive.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Fri Sep 12, 2014 9:20 am

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<Research Report>WH GROUP (00288.HK) kept Buy, target lifted to $8.25 - UBS
Sep 1 , 2014

According to the latest research report by UBS, the interim net profit of WH GROUP (00288.HK) amounted to USD366 million, representing 48% of the bank's full-year forecast.

Operating profit jumped 71%, thanks to the production recovery in the US, expansion in profit margin and robust growth in slaughter volume in China.

2015 net profit and EPS estimates were raised 10% and 7%.

Target price was lifted from $8.17 to $8.25. Rating was retained at Buy. ~

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Fri Sep 12, 2014 8:06 pm

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WH GROUP (00288.HK) initiated Buy, target at $8 - BofA ML

Bank of America Merrill Lynch, in its latest research report, initiated WH GROUP (00288.HK) +0.270 (+4.206%) a Buy rating with a target price of $8, equivalent to a 16x 2015 estimated P/E.

The research house believed as the world's biggest pork/packaged meat provider, the group is able to leverage China's growth opportunities and the US advantages in pork supply and products, thus the re-rating potential is expected.

The 2014 core NPAT is estimated to surge 78%, and gain another 6%/12% in 2015/16.

Source: AAStocks Financial News
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Re: WH Group 0288

Postby winston » Fri Sep 12, 2014 8:09 pm

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WH GROUP (00288.HK) initiated Buy, target at $8.6 - G Sachs

Goldman Sachs, in its latest research report, initiated WH GROUP (00288.HK) +0.270 (+4.206%) a Buy rating with a price target of $8.6.

The research house expected the 2014-16 recurring NPAT to rise 36%, mainly on the consolidation of pork industry, favourable pork price conditions in 2014, and the expected 2015-16 margin expansion.

The group's valuation appears attractive due to its more than 20% NPAT compound annual growth rate.

Goldman Sachs believed through the effect of merger synergies and the business expansion into low temperature meat products, the group is likely to boost profitability and become a catalyst to drive outperformance.

Source: AAStocks Financial News
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