HK-listed Uni-President falls to near 6-month low

Uni-President China Holdings

07/11/2019 02:58

** Shares of instant noodle and beverage maker Uni-President
China Holdings Ltd  0220.HK , a unit of Uni-President
Enterprises Corporation  1216.TW , fall as much as 7.1% to
HK$7.70, their lowest May 8
    ** Co says its nine-month profit amounted to 1.42 bln yuan
($202.5 mln), up 27.8% from a year ago  urn:newsml:reuters.com:*:nFWN27M086
    ** Brokerage Daiwa says the results implied a Q3 net profit
of 425 mln yuan, up 6.5% from a year ago and is lower than
expected as most of the withholding tax was booked earlier this
year in Q3, instead of in Q4 in 2018
    ** Daiwa expects Uni-President to be able to meet its 2019
net profit growth forecast of 35% year on year
    ** As of previous close, the stock has surged 21.9% this
year
    ** Uni-President has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 6.3 percentage points in the
past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
slides 0.5%, and the benchmark index  .HSI  eases 0.3%

($1 = 7.0119 Chinese yuan)

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