WH Group Jumps on Trade Truce News; Upside to Our FVE of HKD 8.10 Remains Attractive
Narrow-moat rated WH Group jumped more than 11% following news of a trade truce between the U.S. and China, and we think the movement mainly reflects reduced risk of additional import tariffs on U.S. pork by China rather than any tangible change to the company's fundamentals. With hog futures prices already recovering in the fourth quarter on anticipation of a rebound in exports of pork to China, this trade truce has little impact on our earnings and cash flows projections on WH Group. Nonethele...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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