According to the report released by CCB International, Smithfield's listing can release the company's value, and the dividend yield is also attractive. The 'buy' rating for WH Group (00288) is reiterated, considering that the company is currently promoting Smithfield's business in the United States for listing. The report believes that the improvement of performance in the United States is currently the most critical point, but the target price has been lowered to 6.2 Hong Kong dollars.

Although WH Group's net income increased by 81% YoY to 0.694 billion US dollars in the first half of the year, and the mid-term dividend of 10 Hong Kong cents per share also reached a historical high, the report considers the half-year report mixed with good and bad news. On the negative side, China's business is weaker than expected, with second quarter revenue down 14% YoY, continuing its weakness, reflecting the lack of confidence of consumers and dealers. However, looking at the positive side, WH Group's upstream business in the United States is no longer dragging down profits, and the overall business there is turning around.