A Poor Q3 Result from Uni-President Leads to a 7% Cut in Fair Value Estimate to HKD 4.00 Per Share
No-moat-rated Uni-President’s net profit loss of CNY 19.4 million in the third quarter was disappointing, owing to worse-than-expected beverages sales and operating margin. The cumulative nine-month net profit declined 17.4% year over year to CNY 755.9 billion, from CNY 915.4 billion in the year-ago period. Despite the industry numbers revealing sequential improvement in the third quarter, Uni-President’s weak beverage sales stemmed from destocking the excessive channel inventories and restructu...Uni-President China Holdings is an investment holding company based in the People's Republic of China. Co. is principally engaged in the manufacturing and sales of beverages and instant noodles. Through its subsidiaries, Co. is also engaged in activities such as: human resource management; management consulting; provision of catering services; wholesale of forage and fertilizer; wholesale and retail of pre-packaged food and dairy products; as well as leasing business. Co. operations are organized along three reportable business segments: Beverages, Instant Noodles, and Others.
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