WH Group Ltd Shs Unitary 144A/Reg S

00288: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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WH Group: Lowering Uncertainty Rating to Medium; Potential Listing of Smithfield Foods Is Positive

Jacky Tsang

Jan 17, 2025

We are adjusting the Morningstar Uncertainty Rating for narrow-moat-rated WH Group to Medium from High. We believe that the updated Uncertainty Rating better reflects its risk profile and competitive positioning within the industry, where the profitability of its packaged meat businesses across China and the US has improved since 2022. We maintain our fair value estimate at HKD 6.90 per share for WH Group and continue to view shares as undervalued, with a decent 2025 dividend yield of over 5%.

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WH Group Ltd Shs Unitary 144A/Reg S

WH Group: Lowering Uncertainty Rating to Medium; Potential Listing of Smithfield Foods Is Positive

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