HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.</li>
<li>Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.</li>
<li>Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.</li>
</ul>


MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.
Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.
Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.


Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA EASTERN AIRLINES, CSSC, BYD, GREE ELECTRIC APPLIANCES, NATIONAL SILICON INDUSTRY, Xinjiang Daqo, BankComm, CHINA SHIPBUILDING INDUSTRY, Cssc, BYD, China Shipbuilding Industry, Bankcomm.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA EASTERN AIRLINES, CSSC, BYD, GREE ELECTRIC APPLIANCES, NATIONAL SILICON INDUSTRY, Xinjiang Daqo, BankComm, CHINA SHIPBUILDING INDUSTRY, Cssc, BYD, China Shipbuilding Industry, Bankcomm.


CSI 300 Index Earning Revision (Sep): CHINA EASTERN AIRLINES, BYD, GREE ELECTRIC APPLIANCES

<ul>
<li>With a "fully self-breeding, fully chain, intelligent" business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers. </li>
<li>Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.</li>
<li>MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.</li>
</ul>


With a "fully self-breeding, fully chain, intelligent" business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers. 
Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.
MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.


Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>WH Group has sharply outperformed both global peers and HK/China-listed peers since the last bullish insight pounded the table in mid-March 2022.</li>
<li>Since then, the Pork/Feed ratio has been climbing in China and flat to down in the US, and pork prices in China are particularly robust recently. </li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> remains cheap as chips. And despite gains, still Cheapest in Yonks relatively speaking. </li>
</ul>


WH Group has sharply outperformed both global peers and HK/China-listed peers since the last bullish insight pounded the table in mid-March 2022.
Since then, the Pork/Feed ratio has been climbing in China and flat to down in the US, and pork prices in China are particularly robust recently. 

WH Group (288 HK) remains cheap as chips. And despite gains, still Cheapest in Yonks relatively speaking. 


WH Group (288 HK) - Stronger, But Still WAY Cheap to Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is two businesses - a US pork processor and a Chinese one - and both businesses are suffering lower margins than they'd like.</li>
<li>But they are doing better than and are cheaper than peers. And still the stock falls. Today, the stock price hit a 6-year low on dramatic underperformance of peers.</li>
<li>The question is what the proper discount would be for people who question its governance credentials. It's a really big discount now.</li>
</ul>



WH Group (288 HK) is two businesses - a US pork processor and a Chinese one - and both businesses are suffering lower margins than they'd like.
But they are doing better than and are cheaper than peers. And still the stock falls. Today, the stock price hit a 6-year low on dramatic underperformance of peers.
The question is what the proper discount would be for people who question its governance credentials. It's a really big discount now.


WH Group (288 HK) - Now Cheapest in Yonks Outright and Vs Peers

China

New Hope Liuhe Co Ltd develops, produces, and markets a variety of animal feeds The Company also operates a commercial tradingbusiness, produces packing materials, chemicals and fish oil, and provides consulting services.

Price Gauge
52-week Range	0.00 - 0.00
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New Hope Liuhe (000876 CH)

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Xinyao (Criss) Wang

CSI 300 Index Earning Revision (Sep): CHINA EASTERN AIRLINES, BYD, GREE ELECTRIC APPLIANCES

We analyzed CSI 300's consensus for Sep 2025 and highlighted changes of EPS in CHINA EASTERN AIRLINES (600115 CH), CSSC (600150 CH), BYD (002594...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Xinyao (Criss) Wang

WH Group (288 HK) - Stronger, But Still WAY Cheap to Peers

WH Group is up strongly the past 3 months, outperforming western peers (+43%) and China/HK-listed peers (+17%). China pork price dynamics are...

Travis Lundy

WH Group (288 HK) - Now Cheapest in Yonks Outright and Vs Peers

WH Group has always been cheap to its peer group. Now it is worse. Pork prices are underperforming feed prices, lowering margins worldwide. WH has...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

​MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Xinyao (Criss) Wang

CSI 300 Index Earning Revision (Sep): CHINA EASTERN AIRLINES, BYD, GREE ELECTRIC APPLIANCES

We analyzed CSI 300's consensus for Sep 2025 and highlighted changes of EPS in CHINA EASTERN AIRLINES (600115 CH), CSSC (600150 CH), BYD (002594...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

​MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Xinyao (Criss) Wang

WH Group (288 HK) - Stronger, But Still WAY Cheap to Peers

WH Group is up strongly the past 3 months, outperforming western peers (+43%) and China/HK-listed peers (+17%). China pork price dynamics are...

Travis Lundy

WH Group (288 HK) - Now Cheapest in Yonks Outright and Vs Peers

WH Group has always been cheap to its peer group. Now it is worse. Pork prices are underperforming feed prices, lowering margins worldwide. WH has...

Travis Lundy

MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...