Morningstar - Uni-President China Holdings Ltd. (58U) Raising Uni-Presidentâ€™s FVE to HKD 5.80 owing to TVM and CNY Appreciation; Shares Remain Overvalued

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Morningstar

Allen Cheng

EUR 100.00 For Business Accounts Only

Raising Uni-Presidentâ€™s FVE to HKD 5.80 owing to TVM and CNY Appreciation; Shares Remain Overvalued

We slightly increase our fair value estimate for no-moat Uni-President China Holdings to HKD 5.80 per share from HKD 5.60 after taking account into the time value of money and the appreciation of the Chinese yuan. Our long-term investment theme remains intact that the company will continue to benefit from the consumption trade-ups, given its advancing market share and recognition of high product quality. However, the shares remain overvalued at current levels, trading at 20% premium to our fair ...

12/02/2019 12 EN

Underlying

Uni-President China Holdings Ltd.

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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KYG9222R1065 Cayman Islands

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Allen Cheng

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Raising Uni-Presidentâ€™s FVE to HKD 5.80 owing to TVM and CNY Appreciation; Shares Remain Overvalued

Uni-President China Holdings Ltd: 1 director

With a more favourable environment, UNI-PRESIDENT CHINA HDG. improves to Positive

Morningstar | Uni-Presidentâ€™s 48% Profit Growth in 1Q Beat; Shares Remain Overvalued to Our HKD 5.80 FVE

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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