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00220 U-PRESID CHINA
RTNominal down5.920 -0.010 (-0.169%)
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14/05/2018 15:26

[I-bank focus]Citi starts U-Presid China (00220) at HK$9.8

[ET Net News Agency, 14 May 2018] Citi Research initiated coverage on Uni-President
China (UPC)(00220) with a "buy" rating, and a target price of HK$9.8.
The research house said channel destocking (since 1H 2016) and new initiatives to
discipline "sell-in" to channels and optimize the supply chain have paved the way for UPC
to deliver innovation-/premiumization-led growth.
With the bottom-line turning to the black in 2H 2017, on sales growth of 12%, Citi
expects UPC's earnings to continue to recover in 2018-19, driven by re-accelerated volume
growth, like-for-like ASP increases and an innovation-led trade-up in the product mix.
It also prefers UPC to Tingyi (00322)(Neutral) in China's food sector. (KL)

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