Core Viewpoint - Goldman Sachs reports that Uni-President China (00220) experienced stable revenue in Q3, with food business growth in the low single digits, beverage business declining in the low single digits, and contract manufacturing business continuing to grow at a triple-digit percentage year-on-year. The firm maintains a cautious outlook for the company's future due to ongoing intense competition, projecting a sales growth of 6% and lowering the target price from HKD 9.3 to HKD 9, while keeping a "Neutral" rating [1] Group 1 - The company's management indicated that inventory reduction for beverage products is ongoing as of October, while noodle performance remains on track [1] - Despite weak consumption and fierce competition, the company holds a cautiously optimistic view for Q4, maintaining its full-year sales growth target of 6% to 8% [1] - The firm adjusted the sales forecast down by 1% due to weak beverage performance slightly offsetting improvements in noodle business and growth in contract manufacturing [1] Group 2 - The net profit forecast has been lowered by 3% to 4% due to operational deleveraging [1] - The company believes that the continued expansion of gross margins and visibility of expenditure ratios in Q4 are promising [1]
高盛：降统一企业中国(00220)目标价至9港元 维持“中性”评级