Core Viewpoint - The report from Citi indicates that Uni-President China (00220) is experiencing slowed sales growth in Q3 due to intensified competition and subsidies from food delivery platforms, with sales remaining roughly flat year-on-year, aligning with market expectations [1] Group 1: Sales Performance - The sales growth for Uni-President China in Q3 has slowed down, primarily influenced by increased competition and promotional activities from delivery platforms [1] - The company's management noted that the pressure on beverage business continued to rise in October, yet they maintain a sales growth target of 6% to 8% for the full year [1] Group 2: Profitability and Valuation - Citi forecasts a slowdown in the company's profit growth for the next year, but the dividend yield of 6.3% is expected to support the stock price [1] - The target price for Uni-President China has been revised down from HKD 10.5 to HKD 10, while maintaining a "outperform" rating [1]
里昂：降统一企业中国(00220)目标价至10港元 续予“跑赢大市”评级