Uni-President's ambitious expansion amid slower market growth could be a shot in the dark.
No-moat Uni-President China Holdings' second-half 2017 results exceeded our expectations. Thanks to strong revenue growth in the beverage business and effective operating cost control, the top and bottom lines improved significantly from the year-ago period. While revenue grew 12% year on year to CNY 10.4 billion, improving from a 7% year-on-year decline in the first half, operating profit soared 21 times to CNY 397 million compared with the prior year. The firm’s profitability also improved not...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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