Uni-President's 3Q Profits Largely in Line; Shares Overvalued Relative to Our HKD 5.60 FVE
No-moat Uni-President China Holdings’, or UPCH’s, 13% EBITDA increase in first-half 2018 was better than we expected, driven by higher gross margin on the back of its premiumization strategy. Revenue came in at CNY 11.2 billion, up 6% year on year, largely in line with our 5.2% growth forecast, bolstered by double-digit sales growth in higher-end instant noodles (Soup Daren) and classic tea drinks (Uni Ice Tea and Uni Green Tea). Gross margin saw a 1.7-percentage-point increase from last year to...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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