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RTNominal up8.640 +0.340 (+4.096%)

27/03/2020 17:55

{I-bank focus}Goldman cuts U-Presid China (00220) to HK$7.4

[ET Net News Agency, 27 March 2020] Goldman Sachs lowered its target price for
Uni-President China (UPC)(00220) to HK$7.4 from HK$8.1 and maintained its "neutral"
The research house said UPC's reported FY2019 net profit of RMB1.366bn was in line with
Goldman's estimate. For 2020, Goldman sees the COVID-19 outbreak will support its noodles
business but offset largely by the slower growth on the beverage side, and believes it
would be difficult for the company to reach its FY2020 sales target of a mid-single-digit
The company was able to manage the inventory levels during the CNY outbreak period.
While this should help the distributors and retailers, Goldman believes UPC will need to
step up in promotions during the summertime in order to achieve its growth targets.
Net-net, Goldman revised down 2020/21/22 EPS by 9%/9%/11% and now expects a 4% decline
in 2020 EPS, reflecting the slower margin outlook and competition ahead as well as the
better noodles sales due to the COVID-19 situation. (KL)

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