China pork processor WH Group rises after results

WH

27/03/2024 04:28

** Chinese pork processing giant WH Group's  0288.HK  shares
rise 4.9% to HK$5.40, highest since March 15; on course for
second session of gains
    ** Stock marks biggest one-day pct rise since November 2022;
sixth-biggest pct gainer in Hang Seng Commerce & Industry index
 .HSNC 
    ** WH said its 2023 net profit fell 56.7% to $606 mln y-o-y,
while revenue was down 6.8% to $26.2 bln y-o-y
    ** Jefferies maintains "buy" rating on stock and lifts PT to
HK$6.21 from HK$5.84
    ** Brokerage says company's Q4 operating profit beats and
sales in line, helped by smaller losses in U.S. pork business
    ** Hang Seng Commerce & Industry index  .HSNC  down 0.7%,
Hang Seng Composite Industry index  .HSCICS  tracking consumer
staples falls 1% and Hang Seng index  .HSI  eases 0.6%
    ** WH Group shares up 4.4% YTD

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))