Food manufacturer Uni-President China sinks on slower profit growth

Uni-President China Holdings

08/11/2018 03:58

** Shares of Uni-President China Holdings Ltd  0220.HK 
plunge as much as 17.2 pct to HK$7.25, the lowest since Aug. 16,
after the beverage and instant noodle maker posts slower growth
in quarterly earnings  
    ** Stock later trims losses to HK$7.60, still down 13.1 pct,
and heads for worst day since March 2013
    ** Company says 9-month profit at 1.11 bln yuan  urn:newsml:reuters.com:*:nFWN1XI0JG
    ** Daiwa revises down Uni-President's 2018-20 earnings
forecasts by 2-5 pct after the firm posts 9 pct growth in Q3
profit at 399 mln yuan, slowing 15 pct growth in Q2  
    ** As of the last close, the stock has risen 33.9 pct so far
this year
    ** Uni-president has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 11.4 percentage points in the
past month
    ** Bigger rival Tingyi  0322.HK  also falls 4.9 pct, heading
for the biggest daily percentage decline since Oct. 23 
    ** The Hong Kong benchmark index  .HSI  climbs 0.9 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)