Investment Rating - The report maintains a "Outperform" rating for Uni-President China despite lowering the target price from HKD 8.6 to HKD 8.5 [1] Core Insights - The main risk affecting the company's profits is the price of PET bottles, although this impact is expected to be lagged and may be partially offset by other raw material costs [1] - The company's sales grew by 4.6% year-on-year last year, which was broadly in line with expectations; while the profit margin was below expectations, excluding one-time items, profit growth was 17.6%, which was considered basically in line with expectations [1] - In the first two months of 2026, Uni-President China's sales growth performance has been strong, particularly in the beverage business [1]
统一企业中国：降目标价至8.5港元，维持“跑赢大市”评级-20260306