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WH Group
(0288)
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Rating:76Outperform
Price Target:
HK$9.50
▼(-11.05% Downside)
Action:Reiterated
Date:04/18/26
The score is driven primarily by solid underlying financial health (stable revenue base, improved profitability vs. 2023, and manageable leverage), supported by attractive valuation (low P/E and strong dividend yield). Technicals are also supportive with price above major moving averages and positive MACD, while the main risks are the 2025 margin step-down versus 2024 and only moderate cash conversion/coverage.
Positive Factors
Integrated value chain
WH Group’s vertically integrated model — from hog farming through processing and branded packaged meats — provides durable control over supply, tighter margin capture across stages, and better resilience to upstream disruptions. This structural advantage supports margin stability and consistent product supply over months to years.
Negative Factors
Margin erosion in 2025
A persistent decline in margins signals underlying cost pressure, weaker pricing power, or mix shifts. If margin compression continues it will structurally reduce free cash flow and ROE, limiting reinvestment capacity and making the business more vulnerable to future input cost spikes or demand softness.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated value chain
WH Group’s vertically integrated model — from hog farming through processing and branded packaged meats — provides durable control over supply, tighter margin capture across stages, and better resilience to upstream disruptions. This structural advantage supports margin stability and consistent product supply over months to years.
Read all positive factors
WH Group (0288) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$109.57B
Dividend Yield6.66%
Average Volume (3M)30.69M
Price to Earnings (P/E)8.9
Beta (1Y)0.43
Revenue Growth7.95%
EPS Growth-2.88%
CountryHK
Employees102,000
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.12
Shares Outstanding12,830,220,000
10 Day Avg. Volume36,329,461
30 Day Avg. Volume30,688,945
Financial Highlights & Ratios
PEG Ratio-1.21
Price to Book (P/B)1.28
Price to Sales (P/S)0.51
P/FCF Ratio7.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$12.08Price Target Upside13.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.13
Revenue Forecast (FY)HK$29.09B
WH Group Business Overview & Revenue Model
Company Description
WH Group Limited operates as an investment holding entity, primarily focused on the end-to-end production, wholesale, and retail sales of meat products. Its extensive operations cover key markets including China, the United States, Mexico, and var...
How the Company Makes Money
WH Group makes money primarily by selling pork and meat products across its operating value chain. Key revenue streams typically include: (1) Packaged/processed meats: Sales of branded and private-label processed meat products (e.g., cured meats, ...
WH Group Earnings Call Summary
Earnings Call Date:Oct 29, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The earnings call reflected significant profit growth and improvements in North America and Europe, countered by declines in sales volume and revenue, particularly in China. Despite challenges, strategic cost management and market adjustments in the U.S. drove substantial profitability gains.Positive Updates
Significant Profit Growth
EBITDA increased by 38.9% to $2.25 billion, operating profit increased by 71% to $1.79 billion, and profit attributable to owners increased by 90% to $1.0 billion compared to last year.
Negative Updates
Decline in Packaged Meats and Pork Volume
Packaged meats sold declined by 4.4% and pork sold volume decreased by 7.6% year-over-year.
Read all updates
Q3-2024 Updates
Positive
Negative
Significant Profit Growth
EBITDA increased by 38.9% to $2.25 billion, operating profit increased by 71% to $1.79 billion, and profit attributable to owners increased by 90% to $1.0 billion compared to last year.
Read all positive updates
Company Guidance
During the Q3 2024 earnings call for WH Group, the company reported a total revenue of USD 18.8 billion, marking a year-over-year decline of 3.2%. Despite this, significant improvements were noted in profitability metrics: EBITDA increased by 38.9% to $2.25 billion, operating profit surged by 71% to $1.79 billion, and profit attributable to owners rose by 90% to $1.0 billion. Basic EPS also saw a 90% improvement, reaching $8.43. The packaged meats segment contributed 52.5% to the revenue and a substantial 93.8% to the operating profit, while the pork business accounted for 40.1% of revenue and 12.3% of operating profit. Regionally, North America was the main revenue generator with 52.5%, followed by China at 33%, and Europe at 14.5%. The call also highlighted market dynamics, such as rising hog prices in China and declining hog prices in Europe. Looking forward, WH Group plans to maintain its market position by optimizing operations, enhancing cost management, and leveraging its diversified business model across various regions.WH Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
76
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 28.03B | 25.94B | 26.24B | 28.14B | 27.29B |
| Gross Profit | 5.67B | 5.37B | 3.46B | 5.18B | 4.54B |
| EBITDA | 3.52B | 3.16B | 2.00B | 3.10B | 2.25B |
| Net Income | 1.57B | 1.61B | 629.00M | 1.37B | 1.07B |
Balance Sheet | |||||
| Total Assets | 21.91B | 19.84B | 19.18B | 19.86B | 19.41B |
| Cash, Cash Equivalents and Short-Term Investments | 3.68B | 2.54B | 1.71B | 1.82B | 1.79B |
| Total Debt | 4.12B | 3.72B | 3.72B | 3.90B | 4.50B |
| Total Liabilities | 9.10B | 8.48B | 8.60B | 9.44B | 9.72B |
| Stockholders Equity | 11.19B | 10.66B | 9.83B | 9.60B | 8.75B |
Cash Flow | |||||
| Free Cash Flow | 1.92B | 1.81B | 805.00M | 826.00M | 1.04B |
| Operating Cash Flow | 2.53B | 2.52B | 1.62B | 1.80B | 1.96B |
| Investing Cash Flow | -1.20B | -612.00M | -663.00M | -350.00M | -409.00M |
| Financing Cash Flow | -981.00M | -984.00M | -1.18B | -1.54B | -1.57B |
WH Group Technical Analysis
Positive
10.68
Price Trends
9.13
Negative
9.32
Negative
8.64
Positive
Market Momentum
-0.16
Negative
50.91
Neutral
33.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0288, the sentiment is Positive. The current price of 10.68 is above the 20-day moving average (MA) of 8.71, above the 50-day MA of 9.13, and above the 200-day MA of 8.64, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 50.91 is Neutral, neither overbought nor oversold. The STOCH value of 33.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0288.
WH Group Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$109.57B | 8.92 | 14.17% | 6.66% | 7.95% | -2.88% | |
67 Neutral | HK$2.59B | 14.09 | 4.48% | 5.68% | 3.54% | 69.90% | |
63 Neutral | HK$61.56B | 15.70 | 23.34% | 5.46% | -1.95% | 20.50% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | HK$37.29B | 6.43 | 23.55% | 3.26% | 5.80% | -9.69% | |
49 Neutral | HK$569.07M | 35.37 | -0.08% | ― | 4.20% | -24.64% | |
41 Neutral | HK$4.77B | -5.59 | -8.13% | ― | 13.83% | -240.97% |
* Consumer Defensive Sector Average
HK:0288
WH Group
8.82
1.98
28.97%
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0.56
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WH Group Corporate Events
WH Group Wins Shareholder Backing for Dividend and Capital Mandates
May 8, 2026
WH Group shareholders approved all resolutions at the annual general meeting held on 8 May 2026, including the adoption of the 2025 audited financial statements and re-election of three independent non-executive directors. Investors also backed au...
WH Group’s Smithfield Unit Posts Higher Q1 Sales and Profit
Apr 28, 2026
Smithfield Foods, majority-owned by WH Group, reported unaudited U.S. GAAP financial results for the quarter ended 29 March 2026, showing sales of US$3.8 billion and net income attributable to Smithfield of US$246 million. The figures reflect mode...
WH Group’s Shuanghui Unit Delivers Higher Q1 2026 Profit on Strong Meat Volumes
Apr 28, 2026
WH Group has reported the unaudited first-quarter 2026 results of its key Chinese subsidiary, Henan Shuanghui Investment Development, which prepares accounts under Chinese standards rather than IFRS. The disclosure underscores the importance of S...
WH Group Lifts Q1 2026 Profit as Pork Volumes and Revenue Rise
Apr 28, 2026
WH Group reported unaudited results for the three months to 31 March 2026, showing a 9.4% rise in packaged meats volume and a 5.6% increase in pork volume. Revenue climbed 6.7% to US$6.99 billion, operating profit grew 7.5%, and profit attributabl...
WH Group Sets 2026 AGM to Approve Dividend, Board Mandates and Capital Management Powers
Apr 15, 2026
WH Group has called its annual general meeting for 8 May 2026 in Hong Kong, where shareholders will be asked to adopt the audited financial statements for the year ended 31 December 2025 and approve a final dividend of HK$0.41 per share. The agend...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.