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Minsheng Securities: Pig prices continue to fluctuate in the high prosperity range, waiting for positive transmission in the post-cycle.
The number of newborn piglets has a turning point since October 2023. Pushing back six months means that April 2024 will mark the turning point for the number of pigs slaughtered, with later pig supply pressures easing month by month.
Swhy Research: Pig prices hit new highs, grasp the profits of livestock and poultry breeding, pay attention to the bottom of the industry and the transformation of seed industry.
Under weak demand and expectations, Swhy research believes that the supply side has a "expectation gap" which is the core reason for the strong performance of pig prices in this round, exceeding the main expectations of the industry and the market.
Lyon first gives a "outperform" rating to WH Group and sets the target price to HKD6.45.
According to a research report published by Lyon, WH Group is the world's largest pork producer, but its profit has fluctuated and its gross margin is as low as 2% over the past decade. Although the group's packaged meat business faces fierce competition, large-scale reductions in production capacity and rising pork prices will increase its operating profit margin in the United States and Mexico from 2% in 2023 to 6% in 2026. With a dividend yield of 5% and the announced plan to list in the United States, the bank first awarded the group a "beat the market" rating with a target price of HKD 6.45.
Founder Securities: After the continuous rise in pork prices, there may be a phased adjustment. China has reopened the export of poultry meat from Brazil without new urban areas affected by avian influenza.
China's General Administration of Customs has announced that the export of poultry products from Brazilian companies that have not been affected by the new city animal disease is now officially resumed. However, production in the state of Rio Grande do Sul will still be banned.
CICC: Maintains WH Group's "Outperform" rating and raises target price to HKD 6.8.
China Construction Bank International released a research report stating that based on a constant 9 PE ratio in 2024, the target price of WH Group (00288) has been raised by 4.6% to HKD 6.8, maintaining an 'outperform' rating on the market and raising profit forecast for the fiscal year 2024 by 4% to reflect good performance in the second quarter of 2024. According to the report, the company's net income for the first half of 2024 before biological fair value adjustment increased by 81% YoY to USD 0.694 billion, 4% higher than the bank's expectation. The outlook for growth in the United States and Europe in the second half of the year is expected to be good. The group is considering splitting off Smithfield in fiscal year 2024 (
China Construction Bank International: Maintains a "outperform" rating on WH Group (00288) and raises target price to HKD 6.8.
Jianyin International has raised its profit forecast for WH Group (00288) for fiscal year 2024 by 4%.
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