China's pork group WH hits over 6-1/2-year low after weak results

WH

26/10/2022 04:10

** Shares of Chinese pork group WH Group Ltd  0288.HK  fall
as much as 8.2% to HK$4.13, their lowest since February 2016
    ** Stock set for the biggest daily pct drop since March 15
if losses hold; biggest percentage decliner in Hang Seng Index
 .HSI  and in Hang Seng Commerce & Industry Index  .HSNC  
    ** WH Group says revenue for nine months ended in September
up 1.7% year-on-year while profit attributable to owners of the
company rose 16.4%  urn:newsml:reuters.com:*:nFWN31P9XN
    ** Says total sales volume of packaged meats was 2,433
thousand metric tons, remained flat comparing to the same period
last year, while total sales volume of pork decreased by 7%
year-on-year to 2,983 thousand metric tons 
    ** China Renaissance maintains "buy" on the stock saying
3Q22 results in line with expectations but rising pork price may
weigh on packaged meat segment margin in China and sees risks
including worsening Sino-US trade tensions, COVID-19 resurgence
    ** Jeffereis maintains "buy" rating but says operating
profit was lower than estimate due to lower-than-expected
contribution from US market  
     ** Hang Seng Commerce & Industry Index  .HSNC  jumps 3.1%, 
Hang Seng Composite Industry Index on consumer staples  .HSCICS 
rises 1%, and Hang Seng Index  .HSI  surges 2.4%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))