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00220 U-PRESID CHINA
RTNominal up8.640 +0.340 (+4.096%)
Others

26/03/2020 15:09

{I-bank focus}Daiwa cuts Uni-President China (00220) to HK$8

[ET Net News Agency, 26 March 2020] Daiwa Research lowered its target price for
Uni-President China (UPC)(00220) to HK$8 from HK$10 and maintained its "outperform"
rating.
The research house said UPC's 2019 net profit of CNY1.4bn was 2% below Daiwa's estimate.
Its gross margin expanded by 2.5pp, supported by a favourable VAT rate and product-mix
improvement while operating margin rose by 2.1pp to 8.2%.
Management will continue to focus on maintaining a healthy channel inventory level and
will remain cautious about new product launches and promotions in 2020. Daiwa expects the
selling cost ratio to fall by 0.2pp in 2020. It cut its 2019-20 EPS forecasts by 0-2% on
slower beverage sales growth causing less favourable sales-mix. (KL)

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