WH Group Shares Slide Over 6% as Board Meeting Postponed to August 28 for Interim Results Review

Stock News09:38

WH GROUP (00288) shares dropped more than 6% in early trading, currently down 4.01% at HK$7.89, with a turnover of HK$138 million. The company announced that its board meeting, originally scheduled for August 11, has been postponed to August 28 to consider and approve the unaudited consolidated interim results for the six months ending June 30, as well as to consider the declaration of an interim dividend, if any. The delay is attributed to the need for additional time to finalize the interim results announcement.

Morgan Stanley recently released a research report stating that due to higher initial marketing investments and a shift in product mix, WH Group's Chinese packaged meat business experienced a year-on-year decline in unit profit. Additionally, the US packaged meat and slaughtering businesses faced profit pressure in the second quarter. As a result, the bank expects the group's overall operating profit for the second quarter to decline by a mid-to-high single-digit percentage year-on-year. Morgan Stanley has slightly lowered its profit forecast for WH Group this year by approximately 4%, and cut its target price from HK$12.7 to HK$11.4.

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