Beverage maker Uni-President China drops most in 5 months on weak H1 profit

Uni-President China Holdings

10/08/2022 03:38

** Shares of beverages and instant noodle maker
Uni-President China Holdings Ltd  0220.HK  drop as much as 8.9%
to HK$6.72, their biggest intraday pct drop since March 8
    ** Stock hit the lowest since July 19 and is third-biggest
percentage decliner in Hang Seng Composite Index  .HSCI  
    ** The Shanghai-based co says H1 profit down 27.5%
year-on-year to 614.4 mln yuan ($90.94 mln), led by a decrease
in profit margin amid an increase in bulk raw material prices,
global oil prices and transportation cost due to impacts of the
pandemic  urn:newsml:reuters.com:*:nFWN2ZK82G
    ** Daiwa reiterates "outperform" rating on the stock and
lifts TP to HK$7.9 from HK$7.6, saying the firm deserves a
premium to peers due to its high-end foods portfolio ramping up
faster than expected 
    ** Shares of bigger rival Tingyi  0322.HK  falls 1.3% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops 2%
and the composite Industry Index on consumer staples  .HSCICS 
falls 1.8%
    ** The Hang Seng Composite Index  .HSCI  and the benchmark
Hang Seng Index  .HSI  slip 1.5% each


     ($1 = 6.7562 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))