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

12/08/2020 16:56

{I-bank focus}Nomura lowers WH Group (00288) to HK$10.1

[ET Net News Agency, 12 August 2020] Nomura lowered its target price for WH Group
(00288) to HK$10.1 from HK$11.4 and maintained its "buy" rating.
The research house said WH Group's 2Q operating profit fell by 12%, mainly due to the
weak US business with operating profit decline of -73%. For the US, Nomura thinks the
worst is behind us with 2Q recording the hardest hit from the pandemic, and it expects a
gradual recovery in 2H.
While the sales recovery may be bumpy depending on COVID-19 situation, Nomuar sees more
visibility in margin recovery, as the high incremental COVID-19-related cost incurred in
2Q should decline substantially in 2H.
Nomuar lowered its FY2020 earnings by 14% to reflect the bigger-than-expected COVID-19
impact on the US business, partially offset by the better China business. (KL)

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