万洲国际：初步观点，股东回报处于理想区间；拟派发特别股息

10 September 2025 | 7:17PM HKT GS view: Shareholder returns have been one of the key themes among consumer staples since last year (see our relevant series Part I & Part II) and we have highlighted WH Group as one of the key names with 6%+ recurring dividend yield. We see enhanced capacity for shareholder return (we expect net cash by 2026E vs net debt of $2.0bn during 21-23), besides its cyclical earnings recovery (OP to grow by 7% yoy in 2025E), and optimized business structure with more steady growth out ...