Goldman Sachs forecasts a high-single-digit year-over-year decline in WH GROUP's operating profit for the second quarter of 2026, leading to flat overall performance in the first half of 2026. The decline is primarily attributed to an 11% drop in operating profit from the China business due to weak hog production and declining prices, despite some operational improvements. The international business faces rising costs, but the pricing environment for hog production remains supportive. As a result, Goldman Sachs has lowered its target price from HKD 11.8 to HKD 11.1 while maintaining a Neutral rating.
