Summary of Goertek - A Conference Call Company Overview - **Company**: Goertek Inc. - **Ticker**: 002241.SZ - **Industry**: Technology, specifically VR headset assembly Key Financial Metrics - **Current Price**: Rmb30.96 (as of August 25, 2025) - **Price Target**: Rmb26.50 (for June 2026) - **Market Cap**: Approximately $15.08 billion - **Shares Outstanding**: 3,491 million - **52-week Range**: Rmb17.11 - Rmb32.00 Earnings Performance - **2Q25 Recurring NP**: Rmb741 million, up 154% quarter-over-quarter (qoq) and 30% above expectations - **Sales Growth**: 30% qoq driven by early order pull-in for Apple products and Meta VR headsets - **Gross Profit Margin (GPM)**: Increased by 1.9 percentage points qoq to 13.4% - **Capex Growth**: 45% yoy in 1H25, indicating investment in new projects Future Outlook - **Revenue Forecast**: Expected to decline year-over-year (yoy) in 2H25 but projected to grow by 28% yoy in 2026 - **Earnings Growth**: Anticipated 20% yoy earnings growth in 2026, despite potential margin dilution from new low-margin projects - **New Projects**: Engagement in AI glass, AirPods, and a potential new game console expected to drive revenue growth Investment Thesis - **Neutral Rating**: Despite positive growth projections, the current valuation is considered fair after a significant share price rally of over 60% since April 2025 - **Earnings CAGR**: Projected at 20% from 2024 to 2027, but this upside is believed to be already reflected in the current share price Risks - **Upside Risks**: Better-than-expected demand for VR products and successful new business developments - **Downside Risks**: Potential market share losses, lower average selling prices (ASP) for Apple projects, and demand uncertainty for VR/AR products Financial Estimates - **Revenue Estimates**: - FY25E: Rmb94,143 million - FY26E: Rmb120,559 million - FY27E: Rmb137,380 million - **Adjusted EPS**: - FY25E: Rmb0.93 - FY26E: Rmb1.12 - FY27E: Rmb1.33 Valuation Metrics - **P/E Ratio**: 22x one-year forward P/E, in line with peer average - **Dividend Yield**: Expected to be 0.6% in FY25E, increasing to 0.9% by FY27E Style Exposure - **Value Rank**: 52% - **Growth Rank**: 54% - **Momentum Rank**: 76% - **Quality Rank**: 60% - **Low Volatility Rank**: 64% - **ESG Quality Rank**: 18% Conclusion - **Overall Assessment**: Goertek is positioned for growth in the VR headset market with new projects on the horizon, but current valuations suggest a neutral stance on investment. The company faces both opportunities and risks that could impact future performance.

Summary of Sungrow Power Supply Co., Ltd Conference Call Company Overview - **Company**: Sungrow Power Supply Co., Ltd - **Ticker**: 300274.CH - **Industry**: Energy Storage Systems (ESS) and Solar Inverters Key Financial Highlights - **2Q25 Net Earnings**: RMB 3.91 billion, a 37% increase year-over-year but below consensus expectations of RMB 4.98 billion [2] - **1H25 Net Earnings**: RMB 7.7 billion, representing 62% of FY consensus estimates of RMB 12.36 billion [2] - **2Q25 Revenue**: RMB 24.5 billion, a 33% increase year-over-year, driven by strong ESS sales [3] - **1H25 Revenue**: RMB 43.5 billion, representing 49% of FY estimates of RMB 89.4 billion [3] - **Gross Profit Margin (GPM)**: 34% in 2Q25, up from 30% in 2Q24, exceeding consensus expectations of 30.7% [2][14] Segment Performance - **ESS Segment**: Revenue grew by 128% year-over-year to RMB 17.8 billion, with stable GPM of 40% [3][18] - **Inverter Sales**: Grew by 17% to RMB 15.3 billion, lagging behind industry solar growth of 60%, with margins declining to 36% [3][17] - **New Energy Development**: Revenue declined by 6% year-over-year to RMB 8.4 billion, with GPM of 18% [3] Strategic Developments - **H-Share Listing**: The board approved plans for a secondary H-share listing to enhance global competitiveness and diversify financing sources, expected within 24 months [4] - **Cash Position**: Strong cash position with net cash of RMB 9.7 billion and net gearing at -27% [5][20] Market Outlook and Risks - **Market Sentiment**: Despite strong performance, caution is advised due to anticipated solar slowdown in 2H and rising US ESS tariffs in 2026 [1] - **Investment Risks**: Include elevated inventory and margin pressure, potential market share loss, and policy shifts targeting Chinese suppliers [35] Valuation Metrics - **Price Target**: RMB 65.00, implying a 37% downside from the current price of RMB 102.60 [6][29] - **Valuation Ratios**: Projected 2025 P/E of 11.5x, EV/EBITDA of 8.7x, and P/S of 1.5x [22][28] Conclusion - **Rating**: Market-Perform with a cautious outlook on growth due to competitive pressures and market dynamics [29]

Summary of China Solar Industry Conference Call Industry Overview - The conference call focused on the solar industry in China, particularly the dynamics of module pricing and profitability trends [1][5][11]. Key Highlights - **Module Price Trends**: Early signs of a module price increase were noted with China Huadian's 20GW solar project bidding starting at an average of Rmb0.71/w, which is 6% higher than the current spot module pricing of Rmb0.67/w [5][17]. - **Supply/Demand Outlook**: The monthly supply/demand ratio is expected to worsen, deteriorating to 1.4X-2.1X in August from 1.3X-1.7X in July, primarily due to slow supply cut adjustments [5][12]. - **Inventory Levels**: Significant inventory increases were observed in the Poly and Module segments, with Poly inventory rising by 10% month-over-month to 158GW and Module inventory increasing by 23% to 34GW [5][12]. - **Sector View**: The solar sector is believed to be at a cyclical bottom, with a potential inflection point expected around the second half of 2026. Long-term profitability is anticipated to remain low due to a slowdown in demand growth in China [5][11]. Financial Metrics - **Profitability Trends**: Cash gross profit margins (GPM) and EBITDA margins improved for upstream companies but deteriorated for downstream companies in August [6][9]. - **Spot Price Changes**: The average cash GPM for various segments showed mixed results, with Poly GPM at +1pp, Wafer at -5pp, Cell at -6pp, and Module at -9pp month-to-date [9][21]. - **Production Increases**: Production across the value chain is expected to increase by 5%-20% month-over-month in August, with specific increases of +19% for Poly, +5% for Wafer, and +12% for Module [11][12]. Pricing Dynamics - **Value Chain Pricing Stability**: Overall, value chain prices remained stable in August, with a notable 6% increase in Glass prices due to rapid inventory depletion [5][17]. - **Average Cash Profit Changes**: The average cash profit for Poly was reported at Rmb12.0/kg, while for Granular Poly it was Rmb16.3/kg, indicating a positive trend in upstream profitability [21]. Additional Insights - **Inventory Days**: The average inventory days across the value chain are expected to remain at 40 days in August, reflecting a diversified inventory situation relative to demand [12][15]. - **Challenges Ahead**: The implementation of price hikes and profitability improvements is seen as challenging without significant fiscal support and changes in local government incentives [5][11]. This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the solar industry in China.

Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry Co., Ltd. (三一重工) - **Industry**: Heavy Machinery - **Market Position**: Leading manufacturer in China's excavator market Key Points from the Conference Call Domestic Market Outlook - **Excavator Sales**: Anticipated slight growth in excavator sales in the second half of 2025, driven by long-term trends favoring labor substitution [1] - **Non-Excavator Business**: Revenue from non-excavator segments turned positive in the first half of 2025, with expectations for continued growth [1] - **Concrete Machinery**: The industry has seen growth in the first half of 2025, with future growth driven by increased electrification and recovery in the real estate sector [2] - **Loader and Road Machinery**: Strong growth in loaders, with a 40% electrification rate noted in the first half of 2025; road machinery is expected to grow due to automation trends [2] International Market Insights - **US Market**: Limited impact from tariffs in the first half of 2025 due to preemptive inventory management; strong demand expected as local manufacturing cannot meet needs [3] - **European Market**: Strong recovery in demand, with plans to enhance market presence [3] - **African Market**: Fastest growth region in the first half of 2025, driven by infrastructure and mining demand [3] - **South American Market**: Demand has decreased, but SANY's market share continues to grow [3] Financial Performance and Projections - **Profitability**: The peak net profit margin in the current cycle is expected to exceed 15%, benefiting from higher profitability in overseas markets [1] - **Dividend Policy**: Aiming for a stable dividend payout ratio, targeting a 50% payout in the first half of 2025 [1] - **Revenue Growth**: Projected revenue for 2025 is Rmb 89 billion, with a net profit of Rmb 8.59 billion [7] Valuation and Investment Rating - **Target Price**: Set at Rmb 21.70 with a "Buy" rating based on PE valuation method [4] - **Current Stock Price**: Rmb 21.30 as of August 22, 2025 [5] - **Market Capitalization**: Approximately Rmb 181 billion (US$ 25.2 billion) [5] Risks and Considerations - **Downside Risks**: Include lower-than-expected recovery in the construction machinery sector, real estate investment, and competition in product development [11] Additional Insights - **Market Trends**: The company is focusing on electrification and automation as key growth drivers in various machinery segments [2][3] - **Long-term Growth Drivers**: Labor substitution and infrastructure development are highlighted as significant factors for sustained growth in the industry [1][2] This summary encapsulates the essential insights from the conference call, providing a comprehensive overview of SANY Heavy Industry's current market position, financial outlook, and strategic direction.

EVE Energy Research Summary Company Overview - **Company Name**: EVE Energy - **Ticker**: 300014.SZ - **Industry**: Technology (Battery Manufacturing) - **Established**: 2001 - **Products**: Lithium primary batteries, lithium polymer batteries, lithium-ion batteries for EV, energy storage, and consumer electronics [12][14] Key Financial Highlights - **2Q25 Revenue**: CNY 15.4 billion, up 25% y-y and 20% q-q, driven by EV and ESS battery volume growth [1][15] - **Gross Profit Margin (GPM)**: Improved by 2.2pp y-y to 17.5%, attributed to better margins in the EV battery segment [1][15] - **Net Profit**: Declined by 53% y-y to CNY 503 million due to one-off expenses including share-based compensation of CNY 579 million and impairment of ~CNY 150 million [1][15] - **1H25 Revenue Growth**: EV batteries up 42% y-y to CNY 12.7 billion; ESS batteries up 32% y-y to CNY 10.3 billion [1] Future Projections - **2025 Shipment Growth**: Expected 65% y-y growth in EV battery shipments to 50GWh and 49% y-y growth in ESS battery shipments to 75GWh [2] - **2026 Shipment Growth**: Anticipated 35% y-y growth for EV batteries to 68GWh and 30% y-y growth for ESS batteries [2] - **Revenue Forecasts**: FY25-27 revenue forecasts raised by 4-11% due to higher battery shipments [3] Valuation and Target Price - **Target Price**: Increased to CNY 62, implying a 29% upside from the current price of CNY 48.07 [5][26] - **Valuation Methodology**: Based on a Sum-of-the-Parts (SoTP) approach, with 20x 2026F P/E for EV and ESS segments and 15x for consumer batteries [3][18] - **Current P/E Ratio**: 14.7x FY26F [3] Risks and Challenges - **Downside Risks**: 1. Potential oversupply in the EV battery market due to aggressive capacity expansion [13][19] 2. Increased price competition from domestic and global battery manufacturers [13][19] 3. Stricter regulations on the e-cigarette market in China [13][19] ESG Considerations - EVE Energy plays a significant role in promoting electrification in the automotive industry and enhancing the utilization of renewable energy through its battery products [14] Additional Financial Metrics - **Market Capitalization**: USD 13.7 billion [6] - **Dividend Yield**: Expected to increase from 1.0% in FY24 to 2.2% in FY27 [4] - **Return on Equity (ROE)**: Projected to improve from 11.3% in FY24 to 17.7% in FY27 [4] Conclusion EVE Energy is positioned for significant growth in the EV and ESS battery markets, supported by strong revenue growth and improved margins. However, the company faces risks related to market competition and regulatory challenges. The revised target price reflects a positive outlook based on anticipated shipment growth and improved financial performance.

Summary of ZTE (0763.HK) Conference Call Company Overview - **Company**: ZTE Corporation (0763.HK) - **Market Cap**: HK$184.6 billion / $23.7 billion - **Enterprise Value**: HK$202.2 billion / $25.9 billion - **12m Price Target**: HK$33.50 (H-share), Rmb51.90 (A-share) [6][25][26] Key Financial Highlights - **2Q25 Revenue**: Rmb39 billion, up 21% YoY and 17% QoQ, exceeding consensus estimates by 8% and 12% respectively [1][19] - **Gross Margin**: Declined by 3.4 percentage points QoQ and 8 percentage points YoY to 30.9% [1][19] - **Operating Income**: Rmb1.7 billion, down 36% YoY and 8% QoQ, significantly below consensus estimates [1][19] - **Net Income**: Rmb2.6 billion, down 13% YoY but up 6% QoQ, largely in line with expectations [1][19] Segment Performance - **Telecom Equipment**: Revenue decreased by 6% YoY due to slowing 5G investments in China [1][20] - **Enterprise ICT**: Achieved 110% YoY growth, driven by AI server and computing-related businesses [1][20] - **Consumer Electronics**: Grew by 8% YoY, supported by smartphone and cloud computer sales [1][20] Operational Insights - **Gross Margin Decline**: Attributed to changes in accounting methods and a higher revenue contribution from lower-margin server/storage segments [1][19] - **Non-Operating Gains**: Higher than expected, contributing positively to net income [1][19] Future Outlook - **Revenue Forecasts**: Revised upwards by 7% for 2025, 11% for 2026, and 13% for 2027, driven by AI trends boosting demand for computing infrastructures [21][22] - **Earnings Revisions**: Net income estimates for 2025-2027 revised down by 14%, 9%, and 3% respectively due to lower gross margins [21][22] - **Target Price Adjustments**: Target price for H-share raised by 14% to HK$33.50, based on a 15.0x 2026E P/E [25][36] Investment Considerations - **Neutral Rating**: Maintained due to the slowing capex cycle in the telecom sector, which may hinder overall growth [2][25] - **Valuation Metrics**: Current trading at 16x (H-share) and 21x (A-share) 2026E P/E, close to target multiples [2][25] - **Risks**: Include demand fluctuations in telecom infrastructure and potential non-operating gains/losses impacting earnings [37] Additional Insights - **Market Position**: ZTE is expanding into non-telecom businesses, including servers, storage, and consumer products [2][27] - **Data Center Solutions**: ZTE has completed over 450 data center projects globally, deploying more than 300,000 server racks [20][27] This summary encapsulates the key points from the conference call, highlighting ZTE's financial performance, segment growth, future outlook, and investment considerations.

Summary of Aluminum Corp. of China (Chalco) Earnings Review Company Overview - **Company**: Aluminum Corp. of China (Chalco) - **Stock Ticker**: 2600.HK - **Market Cap**: HK$117.4 billion / $15.1 billion - **Industry**: Basic Materials, specifically aluminum and alumina production Key Financial Highlights - **1H25 Net Profit**: Rmb7.1 billion, EPS of Rmb0.412, up 1% YoY [1] - **Recurring Net Profit Estimate**: Rmb6.7 billion, up 2% YoY, inline with estimates [1] - **Interim Dividend**: Rmb0.123 per share, 30% payout ratio, higher than 20% in 1H24 [1] - **Revenue Growth**: 5% YoY to Rmb116.4 billion in 1H25 [35] - **Free Cash Flow (FCF)**: Dropped 37% YoY to Rmb9.5 billion [30] Earnings Estimates Revision - **Earnings Estimates for 2025-26**: Revised up by 11-15% due to higher alumina profit, despite lower aluminum profit [2] - **Projected Recurring Net Profit**: Rmb13.3 billion in 2025E and Rmb14.0 billion in 2026E [2] - **Free Cash Flow Yield**: Expected to reach 22% for 2025-26E [2] Segment Performance - **Aluminum Segment**: Contributed 55% of total gross profit, increased by 3% YoY, but below expectations due to lower realized ASP and higher COGS [26] - **Alumina Segment**: Contributed 40% of total gross profit, up 19% YoY, driven by higher realized ASP [27] - **Energy and Trading Segment**: Contributed 5% of total gross profit, down 65% YoY due to lower margins [28] Cost and Pricing Dynamics - **Unit Operating Cost**: Increased by 3% YoY for aluminum, 9% above estimates [26] - **Realized ASP for Aluminum**: Declined by 2% YoY, while alumina ASP increased by 2% YoY [26][27] - **Projected Alumina Production Volume**: Revised up by 9% for 2026E [24] Valuation and Price Target - **12-Month Price Target**: HK$7.60 (from HK$6.30) and Rmb8.00 (from Rmb6.80) [2] - **P/E Ratios**: Expected to be 6.2 in 2024, rising to 9.6 by 2027 [14] - **P/B Ratios**: Expected to be 1.1 in 2024, rising to 1.1 by 2027 [14] Risks and Considerations - **Downside Risks**: Lower aluminum and alumina pricing, removal of capacity caps, slower green demand, and higher supply from recycled aluminum [32][42] - **Upside Risks**: Higher pricing driven by better supply-demand balance and enhanced capacity caps [33][43] Conclusion - **Investment Rating**: Maintain Buy/Neutral on Chalco-H/A, with strong earnings outlook supported by elevated industry spreads and robust alumina demand [39]

Summary of Eyebright (688050.SS) Earnings Review Company Overview - **Company**: Eyebright - **Ticker**: 688050.SS - **Industry**: Ophthalmic Devices Key Financial Results - **1H25 Revenue**: Rmb 787 million, up 14.7% year-over-year (yoy) but down 1.3% compared to Goldman Sachs estimates (GSe) [1][2] - **Net Profits**: Rmb 213 million, up 2.5% yoy but down 4.4% vs. GSe [1][2] - **Gross Profit Margin (GPM)**: Stable at 65.3% in 1H25, with expectations for improvement due to higher sales of bifocal IOLs [1][6] Segment Performance - **Intraocular Lens (IOL) Sales**: Grew by 8.2% yoy in 1H25, indicating market share gains despite a decrease in overall cataract surgery volumes [1][2] - **Bifocal IOLs**: Increased revenue share post price cuts, with expectations for continued growth [2][6] - **Contact Lenses**: Sales grew by 28.9% yoy in 1H25, but growth is expected to slow in 2H25 due to price competition [2][6] - **OK Lenses**: Sales grew by 5.6% yoy in 1H25, with no immediate impact from recent policy changes [2][6] Market Trends and Insights - **Premiumization Trend**: Eyebright is benefiting from a premiumization trend in IOLs, which is expected to continue [1][2] - **Market Share**: Eyebright holds a 26% volume share in IOLs and 15.6% in OK lenses as of 2024, positioning it well for future growth [11] - **Cataract Surgery Growth**: Driven by an aging population, the market for cataract surgeries is expected to grow, benefiting Eyebright [11] Product Development and Pipeline - **New Product Approvals**: Eyebright received NMPA approvals for its PIOL product and silicone hydrogel soft contact lens in 1H25, with additional products expected to gain approval in the coming years [7][8] - **Emerging Products**: The company is focusing on expanding its product pipeline, including contact lenses and defocus lenses, which are anticipated to drive future growth [11] Investment Thesis - **Growth Potential**: Eyebright is expected to achieve a compound annual growth rate (CAGR) of 23% in earnings from 2024 to 2034, driven by market share gains and product penetration [11] - **Valuation**: The current share price is viewed as undervalued relative to growth opportunities, with a target price of Rmb 111, representing a 46% upside [12][14] Risks and Challenges - **Market Risks**: Potential risks include slower-than-expected R&D progress, policy changes, intensifying competition, and technological advancements [12] Conclusion Eyebright is positioned for growth in the ophthalmic device market, with strong financial performance, a robust product pipeline, and favorable market trends. The company is recommended as a "Buy" with a target price reflecting significant upside potential.

Summary of NAURA (002371.SZ) Earnings Call Company Overview - **Company**: NAURA (002371.SZ) - **Industry**: Semiconductor Equipment Manufacturing Key Financial Highlights - **2Q25 Revenue**: Rmb7.936 billion, representing a 23% year-over-year growth but a 3% decline quarter-over-quarter, which was below expectations by 9% compared to estimates and consensus [1][3][4] - **Gross Margin**: Decreased to 41.3%, down 2.6 percentage points from estimates due to higher cost of goods sold (COGS) and an unfavorable product mix [3][4] - **Operating Income**: Reported at Rmb1.428 billion, missing estimates by 32% due to higher-than-expected operating expenses related to R&D [3][4] - **Net Income**: Rmb1.627 billion, a slight decrease of 2% year-over-year [4] Future Outlook - **3Q25 Revenue Projection**: Expected to rebound to Rmb10.7 billion, driven by order gains and increasing demand from Chinese semiconductor capital expenditure [1] - **Product Expansion**: The company is focusing on upgrading and expanding its product line, particularly in high aspect ratio etching tools and ion implantation equipment, with new products expected to ramp up from 2026 [2] Earnings Revision - **2025E Earnings**: Revised down by 13% due to lower revenue expectations and higher operating expenses [8] - **2026/27E Earnings**: Revised up by 1% mainly due to anticipated higher revenues from new products [8][9] Valuation and Price Target - **Target Price**: Revised up to Rmb492, based on a 34.4x 2026E P/E ratio, reflecting a 32.1% upside from the current price of Rmb372.50 [9][16] - **Investment Rating**: Maintained as "Buy" [9][14] Risks - **Key Risks**: 1. Potential US export restrictions on Chinese semiconductor firms could delay capacity expansion and reduce demand for NAURA's equipment [15] 2. Slower-than-expected capacity expansion at NAURA's matured nodes customers may lead to slower revenue growth [15] Additional Insights - **Management's Perspective**: Positive outlook on order momentum from Chinese foundries and IDM customers, indicating confidence in long-term growth [1] - **Market Position**: NAURA is positioned as a local leader in providing platform solutions, with expectations for a mix upgrade towards advanced node tools [1][2] This summary encapsulates the key points from the earnings call, highlighting the company's performance, future outlook, and associated risks.

Summary of Wens Foodstuff Group Earnings Call Company Overview - **Company**: Wens Foodstuff Group (300498.SZ) - **Industry**: Agriculture, specifically hog and poultry farming in China Key Financial Highlights - **1H25A Performance**: - Net profit of Rmb3.47 billion, EPS of Rmb0.522 per share, compared to Rmb1.34 billion in 1H24A - Recurring net profit of Rmb3.67 billion, up from Rmb1.28 billion a year ago, but below expectations due to depressed poultry margins [1][2] - No interim dividend declared, same as last year [1] Earnings Estimates Revisions - **2025E**: Recurring earnings estimates revised down by 32% - **2026E**: Revised up by 8% - **2027E**: Revised up by 6% [2] Market Outlook - **Hog Market**: - Expected improvement in supply/demand fundamentals in 2026E due to better industry supply discipline - Anticipated hog price of Rmb16.5/kg in 2026E, up from Rmb14.7/kg in 1H25A [2][18] - **Poultry Market**: - Yellow-feather broiler margin is currently depressed, but improvements expected in 2026E as supply responds to producer feedback [2][33] Cost Management and Profitability - Wens is focusing on cost-cutting measures, including breeding development and optimizing feed formulation, which is expected to support unit profit in hog operations in 2026E [2][33] - Total unit cost for hogs reduced to Rmb12.5/kg in 1H25A, down Rmb1.9/kg year-on-year [20] Revenue Breakdown - **Total Revenue**: Rmb49.88 billion in 1H25A, a 6% increase from Rmb47.09 billion in 1H24A [28] - **Hog Revenue**: Rmb32.74 billion, up 16% year-on-year - **Chicken Revenue**: Rmb15.13 billion, down 9% year-on-year [30] Gross Profit Analysis - **Total Gross Profit**: Rmb6.89 billion, a 32% increase year-on-year - **Hog Gross Profit**: Rmb6.57 billion, up 125% year-on-year - **Chicken Gross Profit**: Rmb74 million, down 96% year-on-year [30] Valuation and Price Target - **Current Price**: Rmb18.19, with a 12-month price target of Rmb19.00, implying a 4.5% upside [1][2] - **P/E Ratio**: Current share price implies an 11x P/E on 2026E, within historical range of 10-20x [2] Risks and Challenges - **Hog Price Uncertainty**: Affected by domestic supply changes and imports [26][34] - **Operational Risks**: Including bio-security measures and disease control [26][34] - **Poultry Pricing Volatility**: Influenced by industry supply/demand dynamics and consumer preferences [26][34] Conclusion - Wens Foodstuff Group is navigating a challenging environment with depressed poultry margins but is expected to benefit from improving hog market conditions and effective cost management strategies. The current valuation reflects a cautious outlook on earnings growth in both the hog and poultry segments [33][37]