HKFoods

We have already anticipated a decline in interest rates in our previous forecasts.

In addition to refinancing, the company entered into larger bank financing arrangements than before.

The effects of African swine fever are expected to remain moderate.

Earnings improved slightly more than we expected, and the guidance remained unchanged.

Strong barbecue demand is likely to overshadow the Middle East conflict in the short term.

HKFoods' earnings improvement continued in Q1, but cost pressures and pricing delays will keep this year's earnings improvement moderate.

The strong momentum in retail and food service supported revenue, and the company's efficiency measures successfully offset increased costs.

We expect revenue to have returned to growth and adjusted EBIT to have improved from the comparison period, supported by operational efficiency and a better sales mix.