Core Viewpoint - Daiwa Research reports that Uni-President Enterprises' core profit in China for Q2 increased by 35% to 685 million yuan, despite a 10.6% year-on-year revenue growth in the first half of the year. The management maintains a full-year revenue growth target of 6% to 8%, indicating potential pressure in the second half of 2025 due to intensified competition in the beverage industry [1] Group 1 - The expected operational profit margin expansion for Uni-President in the second half of the year will be slower than in the first half due to promotional costs in Q3, rapid growth in beverage OEM business, unfavorable product mix shift towards instant noodles, and adverse impacts from palm oil prices [1] - Daiwa has downgraded the stock rating from "Buy" to "Outperform" with a target price reduced from 10 HKD to 9.8 HKD, maintaining a target price-to-earnings ratio of 17 times [1] - Earnings per share estimates for Uni-President for 2025 to 2027 have been lowered by 2% to 5% due to the anticipated slowdown in operational profit margin expansion during the forecast period [1]
大行评级｜大和：下调统一目标价至9.8港元 评级降至“跑赢大市”