Instant noodle maker Uni-President jumps most in 14 years on Q3 beat, likely price hike

Uni-President China Holdings

11/11/2021 06:24

** Shares of instant noodle and beverage maker Uni-President
China Holdings Ltd  0220.HK  jump as much as 17.5% to HK$7.45,
their biggest daily percentage gain since debut in December 2007
    ** Stock hit the highest since Sept 30, is the third-biggest
percentage gainer in the Hang Seng Composite Index  .HSCI      
    ** The Shanghai-based company says its unaudited profit
after tax for nine months ended September amounted to 1.49 bln
yuan ($233.1 mln) (https://bit.ly/3D84BYb)
    ** Daiwa upgrades the stock to "outperform" rating from
"hold", but trims TP to HK$7.30 from HK$8.10, saying Q3 net
profit came in at 642 mln yuan, up 3.8% YoY, better than
expected, while the firm is likely to raise products prices
    ** Jefferies maintains "buy" rating on the stock saying
Uni-President's Q3 results beat with potential price hike 
    ** Stock of bigger rival Tingyi  0322.HK  rises 4.9% to
HK$16.30, the highest since August 2018 
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.7%,
while the index, tracking consumer staples  .HSCICS , climbs
0.8%
    ** Hang Seng Composite Index  .HSCI  gains 0.2% and the
benchmark index  .HSI  is up 0.1%
    ** As of last close, stock down 19.7% this year
    ($1 = 6.3916 Chinese yuan)

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