WH Group Limited (HK:0288)
:0288
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WH Group
(0288)
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Rating:76Outperform
Price Target:
HK$12.00
▲(12.36% Upside)
Action:ReiteratedDate: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
Vertical integration & diversified revenue
WH Group’s fully integrated supply chain—hog production, fresh pork processing and branded packaged meats—secures inputs, captures upstream and downstream margins, and supports scale across US and China. This structural integration reduces procurement risk and underpins durable margin and volume resilience.
Negative Factors
Margin step-down in 2025
A decline across gross, operating and net margins in 2025 suggests cost pressures or compressed hog-to-pork spreads. If margin erosion persists, it can materially reduce ROE and free cash flow, limiting reinvestment and dividend capacity and increasing earnings sensitivity to input cost volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration & diversified revenue
WH Group’s fully integrated supply chain—hog production, fresh pork processing and branded packaged meats—secures inputs, captures upstream and downstream margins, and supports scale across US and China. This structural integration reduces procurement risk and underpins durable margin and volume resilience.
Read all positive factors
WH Group (0288) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$136.00B
Dividend Yield6.66%
Average Volume (3M)30.69M
Price to Earnings (P/E)9.1
Beta (1Y)0.40
Revenue Growth7.95%
EPS Growth-2.88%
CountryHK
Employees102,000
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.29
Shares Outstanding12,830,220,000
10 Day Avg. Volume36,329,461
30 Day Avg. Volume30,688,945
Financial Highlights & Ratios
PEG Ratio-1.18
Price to Book (P/B)1.28
Price to Sales (P/S)0.51
P/FCF Ratio7.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$12.00Price Target Upside12.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.13
Revenue Forecast (FY)HK$29.06B
WH Group Business Overview & Revenue Model
Company Description
WH Group Limited, an investment holding company, engages in the production, wholesale, and retail sale of meat products in China, the United States, Mexico, and Europe. The company operates through Packaged Meats, Pork, and Others segments. It is ...
How the Company Makes Money
WH Group makes money by selling pork and meat products across multiple stages of the value chain and across key end markets (notably the United States and China). Its main revenue streams are: (1) Packaged meats: It manufactures and sells branded ...
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 | 28.07B | 25.94B | 26.24B | 28.14B | 27.29B |
| Gross Profit | 4.63B | 5.37B | 3.46B | 5.18B | 4.54B |
| EBITDA | 2.59B | 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
9.90
Positive
9.27
Positive
8.50
Positive
Market Momentum
0.27
Negative
58.51
Neutral
64.52
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 10.20, above the 50-day MA of 9.90, and above the 200-day MA of 8.50, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 58.51 is Neutral, neither overbought nor oversold. The STOCH value of 64.52 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$136.00B | 9.11 | 14.19% | 6.66% | 7.95% | -2.88% | |
67 Neutral | HK$52.28B | 8.37 | 23.50% | 3.26% | 2.03% | 1.43% | |
67 Neutral | HK$3.02B | 19.58 | 4.45% | 5.68% | 3.54% | 69.90% | |
65 Neutral | HK$70.23B | 13.61 | 24.09% | 5.46% | -1.95% | 20.50% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
47 Neutral | HK$579.23M | -336.79 | -0.08% | ― | 2.92% | -101.59% | |
45 Neutral | HK$6.23B | -8.84 | 6.29% | ― | 13.83% | -240.97% |
* Consumer Defensive Sector Average
HK:0288
WH Group
10.57
4.43
72.26%
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WH Group Corporate Events
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...
WH Group Schedules Board Meeting to Approve First-Quarter 2026 Results
Apr 1, 2026
WH Group Limited has announced that its board of directors will convene a meeting on April 28, 2026, to review and approve the unaudited consolidated financial results for the three months ended March 31, 2026. The notice also confirms the current...
WH Group’s Smithfield Unit Posts Higher 2025 Profit on Strong U.S. Pork Recovery
Mar 24, 2026
Smithfield Foods, the U.S. pork producer controlled by WH Group, reported audited consolidated results for the year to 28 December 2025 under U.S. GAAP, which differ from WH Group’s IFRS-based reporting. WH Group highlighted that these diffe...
WH Group’s Shuanghui Unit Lifts 2025 Profit Despite Flat Revenue
Mar 24, 2026
Henan Shuanghui Investment Development, 70.33% owned by WH Group, has reported audited 2025 results prepared under Chinese accounting standards, which differ from the IFRS-based numbers used in WH Group’s consolidated reporting. This highli...
WH Group Lifts 2025 Revenue and Profit on Strong Pork Sales
Mar 24, 2026
WH Group reported solid 2025 results with revenue rising 8% to US$28.0 billion, driven mainly by an 8.6% increase in pork sales volume despite a 1.5% decline in packaged meats. Operating profit grew 8.7% and profit attributable to shareholders bef...
WH Group Proposes HKD 0.41 Final Dividend for 2025
Mar 24, 2026
WH Group Limited has proposed a final ordinary dividend of HKD 0.41 per share for the financial year ended 31 December 2025, reflecting its continued practice of returning cash to shareholders. The payout underscores the company’s confidence...
WH Group Sets March 24 Board Meeting to Review 2025 Results and Dividend
Feb 23, 2026
WH Group Limited has scheduled a board meeting for March 24, 2026 to review and approve the annual results for the financial year ended December 31, 2025. The board will also consider the declaration of an annual dividend, signaling a key decision...
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.