Uni-President’s 48% Profit Growth in 1Q Beat; Shares Remain Overvalued to Our HKD 5.80 FVE
No-moat Uni-President China Holdings reported unaudited first-quarter profits of CNY 380.5 million, up 48% year on year, that exceeded our expectation. We think the strong profit stemmed from mix and gross margin expansion, while the revenue growth was at a mid-single-digits rate. Premium products continued to outperform, with Soup Daren for instant noodles and milk tea for the beverage segment growing at double digits. Although the upbeat first-quarter profit marked a good start for the year, i...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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