WH Group's 1Q Results in Line With Expectations; Maintain HKD 8.10 FVE
Although WH Group's first-quarter net profit fell 21%, we expect the company to be able to meet our full-year forecast for 27% growth as we think U.S. hog prices bottomed in March. This should eliminate losses related to subsidiary Smithfield’s hog production. As such, our fair value estimate remains at HKD 8.10 and we continue to project a five-year earnings compound annual growth rate of 6.8%. The U.S. lean hog price has soared nearly 60% in less than two months. While we think this is partly ...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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