Beverages maker Uni-President drops most in over 2 months on weak Q1

Uni-President China Holdings

12/05/2022 03:35

** Shares of beverages and instant noodles manufacturer
Uni-President China Holdings Ltd  0220.HK  fall as much as 7.2%
to HK$6.02, lowest since March 16 
    ** Stock could fall for a fourth straight session and see
its worst day since March 8, if losses hold    
    ** Co posts net profit of 329.4 mln yuan ($48.93 mln) for
the three months ended in March, down 12.8% from 377.6 mln yuan
for the same period in 2021 (https://bit.ly/3MZhQiC)
    ** Jefferies maintains "hold" rating on the stock, saying a
13% year-on-year decline in net profit was in line with
estimates but 2Q22 remains challenging with stringent social
distancing measures affecting beverage sales, while higher raw
material costs are impacting gross profit margin 
    ** Shares of bigger rival Tingyi  0322.HK  fall 2.9%
    ** The Hang Seng Commerce & Industry Index  .HSNC  slips
0.7% while the Hang Seng Composite Industry Index on consumer
staples  .HSCICS  gains 0.2%
    ** The Hang Seng Composite Index  .HSCI  eases 0.6% and the
benchmark Hang Seng Index  .HSI  falls 0.7%



($1 = 6.7324 Chinese yuan renminbi)

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