Zhi Tong Cai Jing·2025-08-14 04:42Group 1 - The core viewpoint of the report indicates that WH Group (00288) is expected to see a year-on-year sales growth of 8.9% and a growth in adjusted EBITDA of 4.5% for the first half of 2025, which aligns with market expectations [1] - The report highlights an optimistic outlook for the Chinese market in the second half of 2025, contributing to a projected sales and operating profit growth of 12% and 3% respectively in Q2 2025 [1] - The target price for WH Group has been raised from HKD 8.8 to HKD 9.6, with a rating of "Overweight" [1] Group 2 - The bank estimates that WH Group's full-year sales and profit for 2025 will grow by 3% and 4% year-on-year, indicating a decline of 2% in sales and a growth of 3% in profit for the second half of the year [1] - WH Group's stock price has increased by 42% year-to-date in 2025, outperforming the Hang Seng Index, which has risen by 27%, driven by business recovery and increased dividend payments leading to a 27% valuation re-rating [1] - The bank forecasts a full-year dividend of HKD 0.60 per share for WH Group, resulting in a dividend yield of 7.2% [1]