Uni-President's 3Q Profits Largely in Line; Shares Overvalued Relative to Our HKD 5.60 FVE
No-moat Uni-President China Holdings reported third-quarter net profit largely in line with our expectation. Net income increased 9% year on year to CNY 399 million, decelerating from 25% growth in the first half. While we think the new tax cuts will boost consumers’ income, consumption demand slowed during the third quarter owing to the uncertainty of the ongoing U.S.-China trade war and intensifying competition in the beverage business. We expect the company will be on track with our forecast ...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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