[ET Net News Agency, 2 November 2018] Credit Suisse lowered its target price for WH
Group Limited (00288) to HK$9.8 from HK$10.5, and maintained its "outperform" rating.
The research house said WH's 3Q results were below market expectation. Stripping out the
bio-assets adjustment, adjusted net earnings decreased 31% YoY in 3Q, worse than market
expectation of around 10% profit decline.
The major drag still came from US business. Despite a sequential improvement in fresh
pork, on widening price gap between hog and pork, the recovery is below market
expectation.
Together with the negative impact from RMB depreciation, Credit Suisse sees China
operating profit decline 0.8% YoY in 3Q. Credit Suisse cut its 2018-20 earnings forecast
by 3-7% to reflect the weak results. (KL)
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00288 WH GROUP
Nominal 
5.990 +0.020 (+0.335%) Others
02/11/2018 11:12
[I-bank focus]Credit Suisse trims WH Group (00288) to HK$9.8
| Remark: | Real time quote last updated: 20/09/2024 11:58 |
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