HK-listed Uni-President plunges on weak H1 earnings

Uni-President China Holdings

11/08/2021 03:58

** Shares of Chinese beverages and instant noodles maker
Uni-President China Holdings Ltd  0220.HK  fall as much as 7.1%
to HK$7.43, on track for the worst session since July 26
    ** Stock on course to snap two consecutive session of gains
    ** The Shanghai-based company said its H1 profit fell 20.4%
year on year to 847.3 mln yuan ($130.7 mln), with gross margin
down 1 percentage points to 34.8%; revenue rose 10.1% to 13 bln
yuan  urn:newsml:reuters.com:*:nFWN2PG1IG
    ** Brokerage Daiwa maintains "hold" on the stock but trims
TP to HK$8.10 from HK$9.70, saying H1 net profit below estimates
amid cost pressure and expects the firm's gross margin pressure
to persist with rising marketing expenses   
    ** The Hong Kong composite Industry Index tracking consumer
staples  .HSCICS  slips 0.3%, while the Hang Seng Composite
Index  .HSCI  gains 0.4%
    ** The Hang Seng China Enterprises Index  .HSCE  rises 0.8%,
and the benchmark index  .HSI  climbs 0.5%


($1 = 6.4816 Chinese yuan)

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