# WH Group (0288.HK)

Canonical: https://gigainvestors.com/s/0288.HK

Analysis as of: 2026-10-16T07:35:44.858Z. Financial observations: FY2013–FY2025.

Listing currency: HKD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 6.63 per share; close as of 2026-10-15.

Estimated value: low HKD 10.72 per share, central HKD 11.98 per share, high HKD 13.66 per share. Buy at or below the central value HKD 11.98 per share. Valuation as of 2026-10-16T07:35:44.858Z; scenarios are not confidence intervals.

Expected annual return: 17.9% at the stated quote. About 17.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- FY2023 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.39×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.28

- Recovered dip fiscal year: FY2023

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.06×

- FY2019: 0.08×

- FY2020: 0.04×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.01×

- FY2024: 0.09×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 8.8%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 18.5%

- Recent gross margin (lower of latest and 3-year median): 16.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 11.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.4%

- FY2017: 25.0%

- FY2018: 12.7%

- FY2019: 16.5%

- FY2020: 8.8%

- FY2021: 12.4%

- FY2022: 12.9%

- FY2023: 3.2%

- FY2024: 18.6%

- FY2025: 20.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.2B

- Net income, five-year total: $6.2B

- Return on incremental invested capital: 31.4%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 15.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.95×

- FY2024: 0.95×

- FY2025: 1.06×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 22.4% vs 18.6%

- Per-share earnings: 0.07 to 0.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -2.8%

- Market cap gain: $2.8B

- Cumulative retained earnings: $6.0B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.8%

- Per-share value change: $0.05

- Per-share value, starting three-year median: $0.07

- Per-share value, ending three-year median: $0.12

- Average buyback yield: 22.9%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: $565M

- Cumulative net income, 10 years: $12B

- ROIC, first three-year median: 22.4%

- ROIC, last three-year median: 18.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.07

- FY2017: $0.07

- FY2018: $0.06

- FY2019: $0.10

- FY2020: $0.06

- FY2021: $0.08

- FY2022: $0.11

- FY2023: $0.05

- FY2024: $0.13

- FY2025: $0.12

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.0%

- FY2017: -2.5%

- FY2018: -2.0%

- FY2019: 0.0%

- FY2020: -8.2%

- FY2021: -3.9%

- FY2022: -2.2%

- FY2023: -5.2%

- FY2024: -4.6%

- FY2025: -4.4%

## Holders

## Price story

Down 35% since Mar 2026 · sales +8.2%

Story as of 2026-10-16T10:00:05.992Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.2% a year for ten years

### Sales · FY2024–2025

sales +8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $22B 

- FY2017: $22B 

- FY2018: $23B 

- FY2019: $24B 

- FY2020: $26B 

- FY2021: $27B 

- FY2022: $28B 

- FY2023: $26B 

- FY2024: $26B 

- FY2025: $28B 

### Gross margin · FY2025

gross margin 16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 21.0% 

- FY2017: 22.0% 

- FY2018: 18.7% 

- FY2019: 19.6% 

- FY2020: 15.0% 

- FY2021: 16.6% 

- FY2022: 18.4% 

- FY2023: 13.2% 

- FY2024: 20.0% 

- FY2025: 16.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 28.1 billion.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2025-12-31 (filed 2026-10-16T07:35:44.858Z); FY2025: revenue 28067458537; grossProfit 4631841709; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0288.HK: WH Group Limited, an investment holding company, produces and sells packaged meats, pork, and hogs in China, North America, and Europe. It operates through Packaged Meats, Pork, and Others segments. The company is involved in production, wholesale, and retail sale of low temperature and high temperature meat products; hog farming, slaughtering, and wholesale and retail sale of fresh and frozen pork; slaughtering, production, and sale of poultry; and sale of ancillary products and services, such as logistics and supply chain management services, flavoring ingredients and natural casings, condiments, biological pharmaceutical materials, and packaging materials. It also engages in the operation of finance and property development companies, and a chain of retail food stores; and livestock breeding. The company was founded in 1958 and is headquartered in Kowloon, Hong Kong.

### Why customers stay

Margins ranged from 13.2% to 20% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2023-12-31 (filed 2026-10-16T07:35:44.858Z); FY2023: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2024-12-31 (filed 2026-10-16T07:35:44.858Z); FY2024: grossProfit / revenue = 20%.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2025-12-31 (filed 2026-10-16T07:35:44.858Z); FY2025: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:44.858Z); 10-year return on capital observations [[2016,0.22418409278304924],[2017,0.2500606408118963],[2018,0.12717216987880062],[2019,0.1649912126427119],[2020,0.08759888167163614],[2021,0.12374526298646388],[2022,0.12884033621912175],[2023,0.031980095264173836],[2024,0.18588559883556732],[2025,0.20525382715590534]]; median 0.14691577443091683. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

As market supplies remained sufficient but growth in consumption demand was limited, hog price decreased in 2025.

- Source: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0415/2026041501042.pdf (filed ); The total production volume of pork also increased by 4.1% to 59.4 million metric tons. As market supplies remained sufficient but growth in consumption demand was limited, hog price decreased in 2025. With reference to the statistics published by the MOA, the average hog prices of 2025 was RMB14.43 (approximately US$2.01) per kg, representing a decrease of 15.3% over that of 2024.

### Where the cash goes

Reinvests 1.9% of cash earnings; earns 31.4% on new investment.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2016-12-31 (filed 2026-10-16T07:35:44.858Z); FY2016: growth capex 83837266.96212184; upkeep 430162733.03787816; owner earnings 977837266.9621218. Growth capex / owner earnings = 0.0857374430231952.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2017-12-31 (filed 2026-10-16T07:35:44.858Z); FY2017: growth capex 141000000; upkeep 389000000; owner earnings 1133000000. Growth capex / owner earnings = 0.12444836716681378.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2018-12-31 (filed 2026-10-16T07:35:44.858Z); FY2018: growth capex 51472933.90577817; upkeep 786527066.0942218; owner earnings 593472933.9057782. Growth capex / owner earnings = 0.08673172939332427.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2019-12-31 (filed 2026-10-16T07:35:44.858Z); FY2019: growth capex 122000000; upkeep 581000000; owner earnings 1465000000. Growth capex / owner earnings = 0.08327645051194539.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2020-12-31 (filed 2026-10-16T07:35:44.858Z); FY2020: growth capex 0; upkeep 572000000; owner earnings 898000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2021-12-31 (filed 2026-10-16T07:35:44.858Z); FY2021: growth capex 256000000; upkeep 677000000; owner earnings 1068000000. Growth capex / owner earnings = 0.2397003745318352.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2022-12-31 (filed 2026-10-16T07:35:44.858Z); FY2022: growth capex 177000000; upkeep 800000000; cash acquisitions 5000000; owner earnings 1370000000. Growth capex plus acquisitions / owner earnings = 0.13284671532846715.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2023-12-31 (filed 2026-10-16T07:35:44.858Z); FY2023: growth capex 0; upkeep 812000000; cash acquisitions 55000000; owner earnings 596000000. Growth capex plus acquisitions / owner earnings = 0.09228187919463088.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2024-12-31 (filed 2026-10-16T07:35:44.858Z); FY2024: growth capex 0; upkeep 707000000; cash acquisitions 111000000; owner earnings 1537000000. Growth capex plus acquisitions / owner earnings = 0.07221860767729343.

- Source: https://eodhd.com/api/fundamentals/WHGRF.US.json#2025-12-31 (filed 2026-10-16T07:35:44.858Z); FY2025: growth capex 0; upkeep 611000000; cash acquisitions 32000000; owner earnings 1669802000.3568175. Growth capex plus acquisitions / owner earnings = 0.019163948775460782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:44.858Z); Incremental return on capital 0.31412344878378606, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:44.858Z); Dividend observations: [[2016,308000000],[2017,489000000],[2018,505000000],[2019,375000000],[2020,599000000],[2021,332000000],[2022,311000000],[2023,490000000],[2024,574000000],[2025,1806000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 39.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0288.HK SharesStats.PercentInsiders = 39.231 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.2% yearly over ten years; actual growth was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:44.858Z); Ten-year compound average after fade. Initial solved rate -0.12814854966547895. Price 6.625; FX 7.84744565643883; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.03105429325604265 → FY2025 0.13014824632555086. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 6.29 per share

- 2016-11: HKD 6.45 per share

- 2016-12: HKD 6.27 per share

- 2017-01: HKD 5.92 per share

- 2017-02: HKD 6.07 per share

- 2017-03: HKD 6.70 per share

- 2017-04: HKD 6.95 per share

- 2017-05: HKD 7.30 per share

- 2017-06: HKD 7.88 per share

- 2017-07: HKD 7.33 per share

- 2017-08: HKD 8.18 per share

- 2017-09: HKD 8.30 per share

- 2017-10: HKD 7.90 per share

- 2017-11: HKD 8.29 per share

- 2017-12: HKD 8.82 per share

- 2018-01: HKD 9.69 per share

- 2018-02: HKD 9.70 per share

- 2018-03: HKD 8.36 per share

- 2018-04: HKD 8.19 per share

- 2018-05: HKD 8.05 per share

- 2018-06: HKD 6.39 per share

- 2018-07: HKD 6.30 per share

- 2018-08: HKD 5.92 per share

- 2018-09: HKD 5.51 per share

- 2018-10: HKD 5.49 per share

- 2018-11: HKD 5.71 per share

- 2018-12: HKD 6.03 per share

- 2019-01: HKD 6.72 per share

- 2019-02: HKD 6.97 per share

- 2019-03: HKD 8.40 per share

- 2019-04: HKD 9.30 per share

- 2019-05: HKD 7.06 per share

- 2019-06: HKD 7.92 per share

- 2019-07: HKD 7.71 per share

- 2019-08: HKD 6.31 per share

- 2019-09: HKD 7.02 per share

- 2019-10: HKD 8.32 per share

- 2019-11: HKD 8.04 per share

- 2019-12: HKD 8.05 per share

- 2020-01: HKD 7.46 per share

- 2020-02: HKD 7.92 per share

- 2020-03: HKD 7.25 per share

- 2020-04: HKD 7.48 per share

- 2020-05: HKD 6.68 per share

- 2020-06: HKD 6.64 per share

- 2020-07: HKD 6.89 per share

- 2020-08: HKD 6.69 per share

- 2020-09: HKD 6.28 per share

- 2020-10: HKD 6.09 per share

- 2020-11: HKD 6.33 per share

- 2020-12: HKD 6.50 per share

- 2021-01: HKD 6.30 per share

- 2021-02: HKD 6.96 per share

- 2021-03: HKD 6.30 per share

- 2021-04: HKD 6.79 per share

- 2021-05: HKD 6.63 per share

- 2021-06: HKD 6.98 per share

- 2021-07: HKD 6.44 per share

- 2021-08: HKD 6.75 per share

- 2021-09: HKD 5.55 per share

- 2021-10: HKD 5.46 per share

- 2021-11: HKD 4.89 per share

- 2021-12: HKD 4.89 per share

- 2022-01: HKD 5.20 per share

- 2022-02: HKD 5.45 per share

- 2022-03: HKD 4.95 per share

- 2022-04: HKD 5.45 per share

- 2022-05: HKD 6.02 per share

- 2022-06: HKD 6.06 per share

- 2022-07: HKD 5.94 per share

- 2022-08: HKD 5.36 per share

- 2022-09: HKD 4.95 per share

- 2022-10: HKD 3.97 per share

- 2022-11: HKD 4.57 per share

- 2022-12: HKD 4.54 per share

- 2023-01: HKD 4.82 per share

- 2023-02: HKD 4.56 per share

- 2023-03: HKD 4.68 per share

- 2023-04: HKD 4.36 per share

- 2023-05: HKD 4.09 per share

- 2023-06: HKD 4.15 per share

- 2023-07: HKD 4.22 per share

- 2023-08: HKD 4.04 per share

- 2023-09: HKD 4.11 per share

- 2023-10: HKD 4.67 per share

- 2023-11: HKD 5.02 per share

- 2023-12: HKD 5.04 per share

- 2024-01: HKD 4.60 per share

- 2024-02: HKD 4.72 per share

- 2024-03: HKD 5.16 per share

- 2024-04: HKD 5.72 per share

- 2024-05: HKD 5.32 per share

- 2024-06: HKD 5.14 per share

- 2024-07: HKD 5.08 per share

- 2024-08: HKD 5.68 per share

- 2024-09: HKD 6.16 per share

- 2024-10: HKD 6.06 per share

- 2024-11: HKD 6.17 per share

- 2024-12: HKD 6.01 per share

- 2025-01: HKD 6.07 per share

- 2025-02: HKD 6.34 per share

- 2025-03: HKD 7.14 per share

- 2025-04: HKD 6.94 per share

- 2025-05: HKD 7.24 per share

- 2025-06: HKD 7.55 per share

- 2025-07: HKD 7.91 per share

- 2025-08: HKD 8.34 per share

- 2025-09: HKD 8.43 per share

- 2025-10: HKD 7.46 per share

- 2025-11: HKD 8.14 per share

- 2025-12: HKD 8.67 per share

- 2026-01: HKD 9.18 per share

- 2026-02: HKD 9.84 per share

- 2026-03: HKD 10.26 per share

- 2026-04: HKD 9.52 per share

- 2026-05: HKD 9.05 per share

- 2026-06: HKD 8.29 per share

- 2026-07: HKD 8.45 per share

- 2026-08: HKD 7.42 per share

- 2026-09: HKD 6.62 per share

- 2026-10: HKD 6.63 per share

## Annual estimated value (HKD per share)

- FY2017: low HKD 4.76 per share, central HKD 5.35 per share, high HKD 6.14 per share

- FY2018: low HKD 4.76 per share, central HKD 5.38 per share, high HKD 6.22 per share

- FY2019: low HKD 6.62 per share, central HKD 7.49 per share, high HKD 8.66 per share

- FY2020: low HKD 7.79 per share, central HKD 8.72 per share, high HKD 9.96 per share

- FY2021: low HKD 7.49 per share, central HKD 8.42 per share, high HKD 9.66 per share

- FY2022: low HKD 8.13 per share, central HKD 9.15 per share, high HKD 10.50 per share

- FY2023: low HKD 7.59 per share, central HKD 8.54 per share, high HKD 9.80 per share

- FY2024: low HKD 8.03 per share, central HKD 8.96 per share, high HKD 10.21 per share

- FY2025: low HKD 10.72 per share, central HKD 11.98 per share, high HKD 13.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:28.027Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations