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

15/05/2020 15:43

{I-bank focus}Macquarie lifts Uni-President China to HK$11.4

[ET Net News Agency, 15 May 2020] Macquarie Research lifted its target price for
Uni-President China (UPC)(00220) to HK$11.4 from HK$10.2 and maintained its "outperform"
rating.
The research house said UPC reported a rosy 1Q results. Even stripping out one-off
disposal gains, it still recorded a stellar high single-digit profit amid the pandemic
outbreak.
Macquarie is still bullish on UPC's premiumization strategy (premium noodles accounted
for 34% of sales in 1Q) and believes the market underappreciates its transformation to a
convenience food company.
Going into 2Q20, UPC has seen early signs of beverage recovery, which Macquarie expects
could turn to positive growth in 2Q. It lifted its FY2020/21 net profit by 5%/1%. (KL)

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