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00288 WH GROUP
RTNominal down6.330 -0.020 (-0.315%)
Research Report

23/07/2020 18:01

{I-bank focus}Goldman tweaks WH Group (00288) to HK$10.55

[ET Net News Agency, 23 July 2020] Goldman Sachs tweaked its target price for WH Group
(00288) to HK$10.55 from HK$10.6 and maintained its "buy" rating.
The research house thinks WH's China business will be the major driver for 2Q. The
company could be dragged by its US business mainly on lower packaged meat sales due to
temporary shutdowns of slaughtering factories, as well as likely loss-making in hog
production due to low hog prices from the closure of slaughtering houses with the COVID-19
outbreak.
On the other hand, the fresh pork business is trending stronger due to the big price gap
between retail pork price and hog price. The international business benefited from the
robust export demand in China.
The US business is seeing a bigger pressure in 2Q, given the closures of foodservice
during Covid-19. Goldman revised up its 2020-22 EPS forecasts by 2%-4% mainly to factor in
higher China business profit (Shuanghui), partially offset lower US profit mainly from hog
production. (KL)

Remark: Real time quote last updated: 23/10/2020 17:59
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