WH Group - Bring Home the Bacon; Initiating Coverage With a Fair Value Estimate of HKD 8.10
We initiate coverage of WH Group, the world’s largest hog producer and meat processor, with a fair value estimate of HKD 8.10 and a narrow moat rating. We see the company’s share price retracement in 2018 and ongoing overhang on concerns over rising tariffs of U.S. pork imports into China as an opportunity to acquire shares at a relatively attractive level. Our narrow moat rating is primarily based on the group’s cost advantage in China, where its average processing plant utilization rate at ove...WH Group is an investment holding company. Through its subsidiaries, Co. operates its pork business through four segments. Packaged Meats is engaged in the production, wholesale and retail sales of low temperature and high temperature meat products. Fresh Pork is engaged in the slaughtering, wholesale and retail sales of fresh and frozen meat. Hog is enageged in hog farming. Others segment is engaged in the slaughter and sale of poultry, manufacture and sale of packaging materials, provision of logistics services, operate a chain of retail grocery stores, produce flavoring ingredients and natural casings, and sale of biological pharmaceutical materials.
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