Instant noodle maker Uni-President jumps most in 13 months on sales beat

Uni-President China Holdings

09/03/2023 03:17

** Shares of instant noodle and beverage maker Uni-President
China Holdings Ltd  0220.HK  rise as much as 8.7% to HK$7.65,
mark the biggest intraday pct gain since February 2022 
    ** Stock hit the highest since Feb 2 and is biggest pct
gainer in Hang Seng Composite Index  .HSCI   
    ** The Shanghai-based co says its 2022 profit fell 18.6%
year-on-year, while revenue rose 12%  urn:newsml:reuters.com:*:nFWN35G2ED
    ** Jefferies maintains "buy" rating on the stock and lifts
PT to HK$9.90 from HK$8.64, citing 4Q22 sales trend beat market
expectations and the brokerage raises net profit forecasts for
2023/24 on increase in sales
    ** Daiwa maintains "outperform" on the stock on seeing
encouraging revenue growth in 2H22 and expects gross margin to 
continue to recover from lower palm oil prices
    ** Chinese rival Tingyi  0322.HK  rises 2.4%   
    ** Hang Seng Consumption Index  .HSCGSI  falls 0.4% and the 
Composite Industry Index on consumer staples  .HSCICS  eases
0.3%
    ** Hang Seng Composite Index  .HSCI  slips 0.1%, while the
Hang Seng Index  .HSI  gains 0.1%



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