According to the report released by China Construction Bank International, based on a unchanged nine times P/E ratio for 2024, the target price of WH Group (00288) has been raised by 4.6% to HKD 6.8, maintaining a “outperform the market” rating. The company's profit forecast for fiscal year 2024 has been raised by 4% to reflect the good performance in the second quarter of 2024.

The report stated that the company's net income before bioproperty fair value adjustment increased by 81% year-on-year to USD 0.694 billion in the first half of 2024, exceeding the bank's expectations by 4%. The company is expected to have good growth prospects in the US and Europe in the second half of the year. The group is considering the listing of Smithfield in the United States in fiscal year 2024, and the bank believes that this will increase its profit visibility. The group is expected to closely monitor the sentiment of the capital markets.