Core Viewpoint - The report from Credit Lyonnais indicates that Uni-President China (00220) is experiencing slowed sales growth in Q3 due to intensified competition and subsidies from food delivery platforms, aligning with market expectations [1] Sales Performance - Q3 sales growth for Uni-President China is approximately flat year-on-year, which is consistent with market forecasts [1] - The management has noted that the pressure on beverage business continues to rise in October [1] Future Outlook - The company maintains its annual sales growth target of 6% to 8% despite current challenges [1] - Credit Lyonnais anticipates a slowdown in profit growth for the company next year [1] Stock Valuation - The dividend yield of 6.3% is expected to support the stock price [1] - The target price has been adjusted from HKD 10.5 to HKD 10, while maintaining a "outperform" rating [1]

Core Viewpoint - Jefferies has expressed concerns regarding Apple's profit margins due to the iPhone 17 product mix and tariff issues, indicating a continued decline in momentum for the new iPhone model. The target price for Apple stock has been lowered from $205.16 to $203.07, maintaining an "underperform" rating [1] Group 1: Profit Margin Risks - Analysts led by Edison Lee suggest that Apple may not fully avoid the impact of tariffs, with potential changes to the current tariff exemptions for smartphones. The uncertainty surrounding the U.S.-India and U.S.-China tariff frameworks is underestimated by the market [1] - The additional 100% tariff imposed by former President Trump on imports from China, currently at 30%, raises questions about the continued exemption for smartphones imported from China [1] - If iPhone 17 units exported from China to the U.S. incur a 130% tariff, it could negatively impact Apple's earnings per share by approximately 5% for the fiscal year 2026, which may be an optimistic estimate [1] Group 2: iPhone 17 Sales Dynamics - The sales momentum for iPhone 17 is showing signs of further slowdown, although the base model remains strong due to effective pricing strategies and government subsidies in China [1][2] - Analysts predict that the base model of iPhone 17 will account for 36% of total sales in the 17 series, up from 32% for the iPhone 16 base model in fiscal year 2025 [2] Group 3: Delivery Wait Times - Recent tracking data indicates that delivery wait times for iPhone 17 Pro/Pro Max have generally decreased across six monitored markets, with the wait time for the 17 Pro Max reaching zero in the UK and Germany [3] - The base model of iPhone 17 has the best wait time among the four models, ranging from 17 to 22 days, although wait times in the U.S. and UK have dropped to single digits [3] - The 17 Air model is currently the weakest among the four, with zero wait times across all tracked markets, contrary to market expectations [3][4]