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00220 U-PRESID CHINA
RTNominal down7.070 -0.040 (-0.563%)
Others

08/11/2019 17:50

{I-bank focus}HSBC cuts Uni-President China (00220) to HK$10

[ET Net News Agency, 8 November 2019] HSBC Global Research lowered its target price for
Uni-President China (UPC)(00220) to HK$10 from HK$10.8 and maintained its "buy" rating.
The research house said the value-added tax benefit and low raw material price continue
to support UPS's gross margin expansion, but 3Q net profit growth of 6.5% was lower than
40% seen in 1H.
HSBC attributed the slower growth to (1) earlier-than-expected tax provision booked in
3Q, (2) higher A&P spending for the investment on channel and branding and (3) a more
intensifying competition in the instant noodle business.
On the back of weaker 3Q results, HSBC cut its 2019-21 earnings estimates by 9-14%
factoring in higher opex assumptions. (KL)

Remark: Real time quote last updated: 30/03/2020 12:19
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