Instant noodle maker Uni-President hits near 2-month low after results

Uni-President China Holdings

13/11/2024 02:45

** Shares of beverages and instant noodles maker
Uni-President China Holdings  0220.HK  fall 6.1% to HK$6.78,
their lowest since Sept. 19, and on course for the second
consecutive session of decline
    ** Stock on track for the biggest one-day pct drop since
Oct. 8
    ** Uni-President Enterprises Corporation's  1216.TW  Hong
Kong-listed unit said its 9-month profit amounted to 1.64 bln
yuan ($227.05 mln) 
    ** Jefferies, which has "Buy" rating on the stock, says the
firm's 3Q24 net profit of 670 mln yuan is lower than estimated 
    ** Says the firm's management forecasts gross profit margin
expansion to continue for beverages in 4Q24 and it also targets
a sustainable growth rate for noodles with sales recovering to
10 bln yuan in 2024
    ** Hang Seng Commerce & Industry Index  .HSNC  falls 1.3%, 
Hang Seng Composite Industry Index tracking consumer staples
 .HSCICS  slips 0.7% and Hang Seng Index  .HSI  eases 1%
    ** Stock of Hong Kong-listed firm up 24.1% YTD  


($1 = 7.2230 Chinese yuan renminbi)

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