Citigroup: Raised Vitasoy International's target price to HK$10.9, maintains "buy" rating.

Citibank released a research report stating that WH Group's operating profit in the fourth quarter of last year increased by 13% year-on-year, while net profit increased by 9%, both exceeding expectations. This was mainly due to the favorable commodity prices and improved operational efficiency in the US pork business. The management aims to maintain the profitability of its US pig farming business under potential cost increases by further improving efficiency. The bank roughly maintains its profit forecast but raises the target price from HK$9.5 to HK$10.9, based on a sum-of-the-parts valuation method. The discount for the holding company is reduced from 30% to 20% to reflect improved shareholder returns, and a "buy" rating is maintained.