HK Stock Market Move | WH GROUP (00288) dropped over 6% in early trading as the board meeting to discuss the mid-term results has been postponed to August 28.
Wanzhou International (00288) fell more than 6% in early trading and as of the time of writing, it has dropped 4.01%, trading at HKD 7.89, with a transaction volume of HKD 138 million.
WH GROUP (00288) fell over 6% in early trading and, as of this writing, is down 4.01%, trading at HKD 7.89 with a transaction volume of HKD 138 million.
In news, WH GROUP announced that the board meeting originally scheduled for August 11 will be rescheduled to August 28 to consider and approve the unaudited consolidated interim results for the six months ending June 30, as well as to consider the distribution of an interim dividend (if any). The postponement is due to the need for more time to finalize the interim results announcement.
Morgan Stanley recently released a research report indicating that WH GROUP's Chinese packaged meat business has experienced a decline in unit profit year-on-year due to increased market promotion investment and changes in product mix, while profits in the U.S. packaged meat and slaughtering business were pressured in the second quarter. Consequently, the firm expects the group's overall operating profit for the second quarter to see a mid-to-high single-digit decline year-on-year. Morgan Stanley slightly lowered its profit forecast for WH GROUP this year by approximately 4% and reduced the target price from HKD 12.7 to HKD 11.4.
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