Core Viewpoint - DBS Research indicates that WH Group is experiencing stabilization in the Chinese market with a recovery in sales, projecting low single-digit growth in packaged meat sales by Q4 2025, primarily due to the expansion of professional distributors and emerging retail channels [1] Group 1: Chinese Market Insights - Sales recovery in the Chinese market is expected to lead to low single-digit growth in packaged meat sales by Q4 2025 [1] - Average selling prices may slightly decline year-on-year due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] Group 2: U.S. Market Performance - The momentum in the U.S. market continues, with a reduction in hog farming capacity to 11.5 million heads aiding in margin improvement [1] - Favorable pork prices, projected to increase by 9% in 2025, along with lower feed costs, are expected to support double-digit growth in operating profit for Q4 [1] Group 3: Financial Projections - Based on improved profit outlooks, the company has raised its earnings forecast for FY2026 by 2% and increased the target price to HKD 10.8, maintaining a "Buy" rating [1]

Group 1 - Wanzhou International (00288) shares increased by nearly 3%, currently trading at HKD 9.1 with a transaction volume of HKD 70.17 million [1] - The company announced that its subsidiary, Smithfield Foods, has signed a definitive merger agreement to acquire Nathan's Famous, Inc. for USD 102 per share in cash, valuing the enterprise at approximately USD 450 million [1] - The transaction is expected to be completed in the first half of this year, with an estimated valuation of Nathan's Famous at about 12.4 times its adjusted EBITDA for the last 12 months, and around 10 times post-synergy valuation [1] - Smithfield anticipates achieving approximately USD 9 million in annual cost synergies within two years after the transaction is completed [1]

Core Viewpoint - Wanzhou International (00288) is acquiring Nathan's Famous, Inc. for $102 per share in cash, valuing the company at approximately $450 million, with the deal expected to close in the first half of this year [1] Group 1: Acquisition Details - Smithfield Foods, a subsidiary of Wanzhou International, has signed a definitive merger agreement with Nathan's Famous, Inc. [1] - The acquisition corresponds to an enterprise value of about $450 million, with an adjusted EBITDA multiple of approximately 12.4 times for the last 12 months [1] - After achieving synergies, the valuation multiple is expected to be around 10 times [1] Group 2: Financial Impact - Smithfield anticipates annual cost synergies of about $9 million within two years post-transaction [1] - The stock price of Wanzhou International rose nearly 3%, trading at HKD 9.1 with a transaction volume of HKD 70.17 million at the time of reporting [1]

Summary of WH Group and Shuanghui Conference Call Industry Overview - **Industry**: China Consumer Staples, specifically focusing on the pork and packaged meat sectors Key Points on WH Group - **4Q25 Operating Profit (OP) Growth**: Expected to grow steadily at **10% year-over-year (yoy)**, driven by strong international business performance, while the China segment is anticipated to see a slight decline due to weak hog production and packaged meat sales [1] - **China Business Performance**: Anticipated slight yoy decline in OP due to losses in hog production and flat packaged meat unit profit [1] - **US and International Business**: Strong hog production profits expected, with US profits projected at **US$180 million** for the full year, exceeding company guidance of **US$125 million to US$150 million** [1] - **Efficiency Improvements**: Fresh meat performance expected to improve due to efficiency initiatives and administrative cost savings in Europe, leading to an overall **16% yoy OP growth** in international business [1] - **Net Profit (NP) Expectations**: Anticipated to remain flat yoy primarily due to foreign exchange losses in Europe, higher taxes, and lower contributions from Shuanghui [1] Future Outlook - **1Q26 Expectations**: WH Group is expected to maintain a favorable setup for high single-digit percentage OP growth yoy, with acceleration in China operations due to calendar shift benefits [2] Financial Adjustments - **Profit Adjustments**: WH Group's profit after tax (PAT) raised by **0-1%** for 2025-2027 estimates, while Shuanghui's OP adjusted down by approximately **-1.3% to +1.4%** for the same period [3] - **Target Price (TP) Update**: TP for WH Group increased to **HK$9.8** from **HK$8.9**, reflecting a narrowing net asset value (NAV) discount from **28% to 20%** [3][4] Shuanghui Insights - **Valuation**: Shuanghui's target price remains unchanged at **Rmb 25.0**, with a focus on fair valuation [4] - **Revenue Forecasts**: Slight adjustments in revenue forecasts for meat products and fresh pork, with overall revenues expected to be slightly lower than previous estimates [12] Risks and Considerations - **Key Risks for WH Group**: 1. **US Business Risks**: Potential slowdown in economic activity affecting consumer spending, shifts in consumption trends, and margin pressures from increased costs and regulatory changes [16][17] 2. **China Business Risks**: Volatility in live hog prices and inflation risks in commodities impacting margins [17] 3. **Food Safety Issues**: Any recurrence of food safety problems could negatively impact consumer trust and financial performance [17] Conclusion - WH Group is positioned to achieve solid growth in OP despite challenges in the China market, with strong performance expected from international operations. Adjustments in financial forecasts reflect a cautious but optimistic outlook, with ongoing risks that need to be monitored closely.

1月22日，万洲国际官网发布新闻稿称，其子公司史密斯菲尔德食品公司与Nathan's Famous, Inc.已签署 最终合并协议，将以每股102.00美元现金收购热狗品牌Nathan's Famous全部已发行流通股，对应企业价 值约4.5亿美元。 0:00 ...

Core Viewpoint - WH Group's subsidiary Smithfield Foods has signed a definitive merger agreement to acquire Nathan's Famous, Inc. for $102.00 per share in cash, representing an enterprise value of approximately $450 million [1] Group 1: Acquisition Details - Smithfield Foods will acquire all outstanding shares of Nathan's Famous, with the total enterprise value estimated at $450 million [1] - The acquisition price of $102.00 per share reflects a premium for Nathan's Famous shareholders [1] - The transaction is expected to be completed in the first half of 2026 [1] Group 2: Existing Relationship - Since March 2014, Smithfield Foods has held exclusive licensing rights for the Nathan's Famous brand in retail channels across the U.S., Canada, and Mexico [1] - The licensing agreement allows Smithfield to produce, distribute, market, and sell Nathan's Famous hot dogs, sausages, and other related products [1] - The current licensing agreement is set to expire in March 2032 [1]

Group 1 - The core point of the article highlights that southbound funds reduced their holdings in Wan Zhou International (00288.HK) by 1.971 million shares on January 19, with a total net reduction of 299,100 shares over the last five trading days [1] - Over the past 20 trading days, there have been 17 days of net increases in southbound fund holdings, totaling an increase of 13.2 million shares [1] - As of now, southbound funds hold 787 million shares of Wan Zhou International, accounting for 6.12% of the company's total issued ordinary shares [1] Group 2 - Wan Zhou International Limited primarily engages in the pork business and operates through three segments [1] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [1] - The pork segment focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming activities [1] - The other segment deals with poultry slaughtering and sales, as well as providing related products and services, including logistics, seasoning production, and financial services [1]

花旗发布研报称，万洲国际(00288.HK)估值仍然吸引，2026年预测市盈率为8.8倍，股息收益率达 6.8%，维持"买入"评级，目标价由8.7港元上调至9.5港元。该行料万洲国际2025年第四季度经营利润录 得低至中单位数增长，其中中国业务轻微下跌，美国及墨西哥业务持平，欧洲业务则实现高双位数增 长。 截至2026年1月19日收盘，万洲国际(00288.HK)报收于8.68港元，下跌1.03%，成交量1473.88万股，成交 额1.29亿港元。投行对该股的评级以买入为主，近90天内共有1家投行给出买入评级，近90天的目标均 价为10港元。中信证券最新一份研报给予万洲国际买入评级，目标价10港元。 机构评级详情见下表： 万洲国际港股市值1125.21亿港元，在食品加工行业中排名第1。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

同时，该行预期万洲国际2026年经营利润将录得中至高单位数增长，其中中国业务在销量推动下转亏为 盈，美国及墨西哥业务在效率提升下录得中至高单位数增长，而欧洲业务则在销量及效率共同提升下增 长10%至20%。 花旗发布研报称，万洲国际(00288)估值仍然吸引，2026年预测市盈率为8.8倍，股息收益率达6.8%，维 持"买入"评级，目标价由8.7港元上调至9.5港元。该行料万洲国际2025年第四季度经营利润录得低至中 单位数增长，其中中国业务轻微下跌，美国及墨西哥业务持平，欧洲业务则实现高双位数增长。 ...

同时，该行预期万洲国际2026年经营利润将录得中至高单位数增长，其中中国业务在销量推动下转亏为 盈，美国及墨西哥业务在效率提升下录得中至高单位数增长，而欧洲业务则在销量及效率共同提升下增 长10%至20%。 智通财经APP获悉，花旗发布研报称，万洲国际(00288)估值仍然吸引，2026年预测市盈率为8.8倍，股 息收益率达6.8%，维持"买入"评级，目标价由8.7港元上调至9.5港元。该行料万洲国际2025年第四季度 经营利润录得低至中单位数增长，其中中国业务轻微下跌，美国及墨西哥业务持平，欧洲业务则实现高 双位数增长。 ...