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WH Group
(0288)
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Rating:65Neutral
Price Target:
HK$7.00
▼(-13.15% Downside)
Action:Downgraded
Date:10/31/26
The score is supported primarily by solid financial fundamentals (stable revenue, improved profitability vs. 2023, and manageable leverage) and attractive valuation (low P/E and very high dividend yield). Offsetting this are weak technical signals (price below key moving averages and negative MACD) and a mixed earnings-call outlook with ongoing near-term market/earnings pressure despite strength in packaged meats and volume growth.
Positive Factors
Integrated global pork platform
The integrated model connects upstream production with processing and branded products, allowing WH Group to participate across the pork value chain. Its U.S. and China operations also provide geographic diversification and multiple routes to capture value from pork demand.
Negative Factors
Broad profitability contraction
The simultaneous decline in EBITDA, operating profit and attributable earnings shows that stable revenue is not currently translating into stable profitability. If cost, pricing and market pressures persist, weaker earnings could constrain reinvestment and reduce financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated global pork platform
The integrated model connects upstream production with processing and branded products, allowing WH Group to participate across the pork value chain. Its U.S. and China operations also provide geographic diversification and multiple routes to capture value from pork demand.
Read all positive factors
WH Group (0288) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$81.66B
Dividend Yield14.29%
Average Volume (3M)46.44M
Price to Earnings (P/E)6.7
Beta (1Y)0.52
Revenue Growth5.58%
EPS Growth-3.88%
CountryHK
Employees106,000
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.12
Shares Outstanding12,830,220,000
10 Day Avg. Volume36,030,959
30 Day Avg. Volume46,439,428
Financial Highlights & Ratios
PEG Ratio-1.21
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$8.87Price Target Upside10.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.11
Revenue Forecast (FY)HK$28.56B
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 pork-related products across the value chain, with revenue generated from (1) Packaged meats: manufacturing and selling branded and private-label processed meat products (e.g., bacon, ham, sausage...
WH Group Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 30, 2027
Earnings Call Sentiment Neutral
The call presented a mixed outlook. Volume growth, resilient packaged meats operations, strong China emerging-channel performance, unchanged dividend policies, and expected improvements in China and Europe were positive. However, consolidated EBITDA and profit declined, hog prices and processing spreads weakened across markets, and the U.S. upstream business remains under significant pressure. The positive operational developments and recovery expectations were balanced by substantial current market and earnings challenges.Positive Updates
Packaged Meats and Pork Volumes Increased
For the first 9 months of 2026, packaged meats sold totaled 2.32 million metric tons, up 3.9% year-over-year, while pork sold totaled 3.057 million metric tons, up 3.0%.
Negative Updates
Consolidated Profitability Declined
For the first 9 months, revenue was USD 20.6 billion, up 0.6% year-over-year, but EBITDA declined 6.3% to USD 2.34 billion, operating profit declined 11.9% to USD 1.696 billion, and profit attributable to owners declined 12.9% to USD 1.017 billion.
Read all updates
Q3-2026 Updates
Positive
Negative
Packaged Meats and Pork Volumes Increased
For the first 9 months of 2026, packaged meats sold totaled 2.32 million metric tons, up 3.9% year-over-year, while pork sold totaled 3.057 million metric tons, up 3.0%.
Read all positive updates
Company Guidance
Management said the updated fourth quarter U.S. fresh pork view reflects further deterioration without assuming a seasonal improvement; the industry processing spread narrowed by about 28% sequentially and is now down 35% versus the prior year, while the packaged meats business is expected to deliver volume, profit and margin expansion. In China, fourth quarter hog prices are expected to remain at a low level in November and October, may recover somewhat in December, but the fourth quarter average hog price is still possible to be lower than the third quarter; next year, hog prices are expected to have a moderate recovery of roughly RMB 1 per kilogram, with the price lower in the first half and relatively higher in the second half. China packaged meats fourth quarter profit per ton is expected to be relatively lower compared to last year, volume will increase, and overall profit will be stable compared to last year; next year, the company is confident about a very strong growth in volumes, with positive growth in the traditional channel probable, emerging channels at 25% of sales for the first 3 quarters and 26% for the full year. Shuanghui expects fourth quarter volume to achieve stable growth, profits to achieve positive growth and revenue to decline driven by lower market price; fourth quarter profit per ton will have a slight decrease compared to last year and will be higher compared to the third quarter, while full-year profit per ton will be lower than last year but still at a very high level. Shuanghui will maintain moderate and high payout ratios, although it is not able to comment on the exact payout ratio at this point, and WH Group’s dividend policy remains no less than 50% of net profit. In Europe, pork prices next year are expected to be moderately higher than this year, especially in probably the second to third quarter, and the overall business is expected to have better results than this year.WH Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
76
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.43B | 28.03B | 25.94B | 26.24B | 28.14B | 27.29B |
| Gross Profit | 5.63B | 5.67B | 5.37B | 3.46B | 5.18B | 4.54B |
| EBITDA | 3.48B | 3.61B | 3.24B | 2.00B | 3.10B | 2.38B |
| Net Income | 1.55B | 1.57B | 1.61B | 629.00M | 1.37B | 1.07B |
Balance Sheet | ||||||
| Total Assets | 22.41B | 21.91B | 19.84B | 19.18B | 19.86B | 19.41B |
| Cash, Cash Equivalents and Short-Term Investments | 3.86B | 3.68B | 2.54B | 1.71B | 1.82B | 1.79B |
| Total Debt | 4.91B | 4.12B | 3.72B | 3.72B | 3.90B | 4.50B |
| Total Liabilities | 9.58B | 9.10B | 8.48B | 8.60B | 9.44B | 9.72B |
| Stockholders Equity | 11.16B | 11.19B | 10.66B | 9.83B | 9.60B | 8.75B |
Cash Flow | ||||||
| Free Cash Flow | 1.84B | 1.92B | 1.81B | 805.00M | 826.00M | 1.04B |
| Operating Cash Flow | 2.42B | 2.53B | 2.52B | 1.62B | 1.80B | 1.96B |
| Investing Cash Flow | -1.05B | -1.20B | -612.00M | -663.00M | -350.00M | -409.00M |
| Financing Cash Flow | -1.01B | -981.00M | -984.00M | -1.18B | -1.54B | -1.57B |
WH Group Technical Analysis
Negative
8.06
Price Trends
6.79
Negative
7.45
Negative
8.23
Negative
Market Momentum
-0.14
Negative
42.49
Neutral
44.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0288, the sentiment is Negative. The current price of 8.06 is above the 20-day moving average (MA) of 6.47, above the 50-day MA of 6.79, and below the 200-day MA of 8.23, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 42.49 is Neutral, neither overbought nor oversold. The STOCH value of 44.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$1.89B | 11.16 | 4.01% | 9.84% | 19.12% | -12.12% | |
65 Neutral | HK$81.66B | 6.73 | 13.85% | 14.29% | 5.58% | -3.88% | |
65 Neutral | HK$32.92B | 5.78 | 25.72% | 3.82% | 5.80% | -9.69% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | HK$71.31B | 12.78 | 33.44% | 3.83% | 3.53% | 17.26% | |
58 Neutral | HK$563.98M | 14.36 | 1.54% | 6.67% | 4.12% | ― | |
43 Neutral | HK$4.63B | -1.50 | -33.05% | 5.84% | -8.46% | -550.35% |
* Consumer Defensive Sector Average
HK:0288
WH Group
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WH Group Corporate Events
WH Group flags lower nine‑month earnings at Smithfield Foods
Oct 27, 2026
WH Group has reported that its 86.9%-owned subsidiary Smithfield Foods filed unaudited financial results for the nine months ended 27 September 2026, prepared under U.S. GAAP rather than IFRS. The company highlighted that these figures, which show...
WH Group’s Shuanghui Unit Sees Higher Volumes but Weaker Profit in Nine Months
Oct 27, 2026
Henan Shuanghui Investment Development Co., Ltd. reported unaudited results for the nine months to 30 September 2026 showing external meat product sales volumes rising 9.7% to 2.73 million metric tons. Despite higher volumes, total operating inco...
WH Group Volumes Rise but Profits Fall Amid Global Hog Price Slump
Oct 27, 2026
WH Group reported unaudited results for the nine months to 30 September 2026, showing modest revenue growth despite weaker profitability. Sales volumes rose, with packaged meats up 3.9% and pork up 3.0%, lifting revenue by 0.6%, but operating prof...
WH Group Says Food Safety Penalties at Key Subsidiary Won’t Hit Group Operations
Oct 9, 2026
WH Group has disclosed that its Shenzhen-listed subsidiary Henan Shuanghui Investment Development and several of its directors and senior managers received administrative penalties from the Luohe City Market Supervision and Administration Bureau....
WH Group Sets Board Meeting to Approve Nine-Month Unaudited Results
Oct 2, 2026
WH Group Limited has scheduled a board meeting for October 27, 2026, to review and approve the unaudited consolidated results for the nine months ended September 30, 2026. The announcement signals upcoming disclosure of the company’s interim...
WH Group’s Shuanghui Unit Lifts Pork Volumes but Sees Flat First-Half Profit
Aug 28, 2026
WH Group announced the unaudited interim financial results of its major mainland subsidiary Henan Shuanghui Investment Development for the six months ended 30 June 2026, highlighting differences between China Accounting Standards and IFRS used at...
WH Group Declares HKD 0.2 Interim Dividend for First Half of 2026
Aug 28, 2026
WH Group Limited has declared an interim ordinary dividend of HKD 0.2 per share for the six months ended 30 June 2026, payable in Hong Kong dollars. The interim dividend, for the financial year ending 31 December 2026, will be paid on 30 September...
WH Group lifts H1 revenue and profit as pork volumes climb
Aug 28, 2026
WH Group reported higher sales volumes in both packaged meats and pork for the first half of 2026, with volumes up 4.9% and 6.1% respectively, driving a 3.3% increase in revenue to US$13.83 billion. Profit attributable to shareholders before biolo...
Smithfield Delivers Higher Profit on Flat Sales in First Half of 2026
Aug 11, 2026
Smithfield Foods, the U.S. pork producer controlled by WH Group, reported unaudited sales of US$7.5 billion for the six months ended 28 June 2026, slightly down from US$7.56 billion a year earlier, while gross profit eased to US$990 million from U...
WH Group Delays Board Meeting to Finalize Interim Results
Aug 6, 2026
WH Group Limited has postponed its previously scheduled board meeting from August 11, 2026 to August 28, 2026, as it requires additional time to finalize its unaudited consolidated interim results for the six months ended June 30, 2026. The board ...
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.