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China business and convenience stores to sustain its growth - 1216 TT;...
We maintain our positive view on Uni-President (UPEC), given the sound outlook for its two main earnings contributors: 1) UPC with continued solid growth and market share gains in all segments, driven by new products; and 2) PCSC, which we expect to resume earnings growth in 2016, mainly on improving operating leverage of convenience stores (CVS) Taiwan; reiterate BUY.
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