Jianguo International released a research report stating that based on a 2024 P/E ratio of 9, the target price for WH Group (00288) has been raised by 4.6% to HK$6.8 while maintaining an 'outperform' rating, and profit forecast for the 2024 fiscal year has been increased by 4% to reflect strong Q2 performance in 2024.
The report stated that the company's net income before fair value adjustments for the first half of 2024 increased by 81% year-on-year to $0.694 billion, outperforming the bank's expectations by 4%. The growth prospects for the United States and Europe in the second half of the year are promising. The group is considering listing Smithfield in the United States in the 2024 fiscal year, which the bank believes will improve earnings visibility, and they expect the group to closely monitor capital market sentiment.
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