On September 9, WH GROUP fell 3.03% in regular trading, trading at HK$7.2/share, with turnover of HK$133 million. The decline came after Morgan Stanley issued a research note cutting the company's target price by 7% from HK$11.4 to HK$10.6, while maintaining an Overweight rating.

Morgan Stanley lowered its earnings forecasts for WH GROUP by 7% to 9% across the fiscal years ending through the end of next year, primarily reflecting a downward revision to North American second-half operating profit guidance and weakening European pork market conditions. These headwinds were partially offset by improving Chinese packaged meat margins as channel investment normalized on a sequential basis. The bank noted that WH GROUP's valuation remains attractive on a forward P/E and EV/EBITDA basis, citing the company's leading vertically integrated position in the global pork industry.

The target price cut follows a broader trend of analyst downgrades. Earlier, UBS lowered its target to HK$9.5, Goldman Sachs to HK$10.9, Citi to HK$9.9, Bank of America to HK$9.6, and Jefferies to HK$10.50, all while maintaining buy-equivalent ratings. WH GROUP reported H1 revenue of US$13.827 billion, up 3.3% year-over-year, though operating profit declined 2.2%.

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