WH Group’s Proposed Shuanghui Merger Has Limited Financial Impact; FVE Remains HKD 8.10
WH Group’s planned merger of wholly owned subsidiary Shuanghui Group with its 73.25% owned China-listed subsidiary Shuanghui Development, is meant to simplify the group’s holding structure by removing one layer. Financially, there is limited impact to WH Group and our cash flow projection, and we retain our fair value estimate of HKD 8.10. However, we believe the move could lead to a one-off revaluation gain for WH Group as the merger revalues its underlying holdings of Shuanghui Development. We...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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