Following the company's 3Q25 results, we fine-tune our WH Group 2025E underlying NI by +2.2% and revise down our 2026E/27E NI within 0.5%. We lower our 12m TP to HK$8.9 (from HK$9.0) with unchanged SOTP but narrowing NAV discounts from 35% to 28% as we mark to market for our Buy-rated conglomerates' average NAV discounts since 2010. Our Shuanghui 2025-27E NP is lifted by 0.7-0.9% on better packaged meat unit profit outlook, and our 12m TP is now Rmb25 (from Rmb24.8), still based on 17X 2025 PE. Reiterate Bu ...

Financial Performance - Sales increased by 6.1%[11], gross profit increased by 11.3%[11]. - Adjusted EBITDA increased by 16.1% to $67.8 million[11]. - Adjusted diluted earnings per share increased by 21.0% to $1.90[11]. Segment Performance - Sealing Technologies sales increased by 4.7%[15], with adjusted segment EBITDA increasing by 10.8% to $58.7 million[15,18]. - Advanced Surface Technologies sales increased by 9.1%[20], with adjusted segment EBITDA increasing by 18.5%[20]. Debt and Cash Flow - Net debt decreased from $398 million to $388 million[23]. - Free cash flow for the quarter ended March 31, 2025, was $11.6 million, up from $(2.0) million last year[25]. 2025 Guidance - The company expects revenue growth in the low to mid-single digits[26]. - Adjusted EBITDA is projected to be between $262 million and $277 million[26]. - Adjusted diluted EPS is expected to be between $7.00 and $7.70[26].