Uni-President China hits 5-week high after results, Jefferies' upgrade

Uni-President China Holdings

10/11/2022 02:19

** Shares of instant noodle and beverage maker Uni-President
China Holdings Ltd  0220.HK  rise as much as 4.1% to HK$6.54,
their highest since Oct 6 and on course for the second session
of gain
    ** Shanghai-based co says its 9-month profit after tax
amounted to 1.15 bln yuan ($158.34 million)  urn:newsml:reuters.com:*:nFWN3250FM
    ** Jefferies upgrades Uni-President China to "buy" from
"hold" and raises PT to HK$7.62 from HK$7.12 on the back of a
better guidance for 4Q22 and 2023 cost and opex trends, and says
the firm's gross profit margin pressure has tapered off and
valuation is inexpensive 
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
2.6% and the Composite Industry Index on consumer staples
 .HSCICS  falls 1.7%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both decline 2.2%
    ** As of last close, the stock had fallen 16.9% this year
($1 = 7.2629 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))