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RTNominal up8.640 +0.340 (+4.096%)

03/03/2020 15:32

{I-bank focus}JEF starts Uni-President China (00220) at HK$9

[ET Net News Agency, 3 March 2020] Jefferies Research initiated coverage on
Uni-President China Holdings (UPC)(00220) with a "hold" rating and target price of HK$9.
The research house UPC has been increasing its investment in new products since 4Q 2019.
Jefferies believes this will continue in 2020. While this will benefit its long-term
premiumization strategy, Jefferies expects it will stall earnings growth in 2020.
Like Tingyi (00322), its noodles sales have been lifted in 1H 2020 due to the virus
outbreak, but the magnitude of this is unlikely to be as high as Tingyi due to the
latter's vast network.
Family-size beverages designed for ontrade such as restaurants will be hit in 1H.
Jefferies thus suggested that investors take a breather. (KL)

Remark: Real time quote last updated: 13/07/2020 17:58
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