Exhibit 1: Valuations | | | Rating | Target price (¥) | | Upside/ | P/E(X) | | EV/EBITDA(X) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Ticker | | New | Old | Downside FY1E | | FY2E | FY1E | FY2E | | Nissin Foods HD | 2897.T | Neutral | 3,700 | 3,900 | 20.0% | 16.7 | 16.8 | 8.9 | 8.7 | | | | Mkt cap | EBIT YoY | | EV/NOPAT(X) | | P/B(X) ROE | | DY | | | Ticker | (¥ bn) | FY1E | FY2E | FY1E | FY2E | FY1E | FY1E | FY1E | | Nissin Foods HD | 2897.T | 933 | -0.8% | 0.2% | 17.1 | 17.1 | ...

Core Insights - The instant noodle industry in China is expected to maintain steady growth, with the market size projected to exceed 900 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 3%-5% [1] Industry Overview - The Chinese instant noodle market has shown fluctuating growth, indicating a sustained consumer reliance on the product, driven by urbanization, faster lifestyles, and the preference of younger consumers for convenient food options [1] - The market size in 2024 is estimated to be around 850 billion yuan, with growth factors including diversified consumption scenarios, product innovation, and deeper penetration into lower-tier cities [1] Development Trends - Product innovation is anticipated, with plant-based instant noodles (e.g., pea protein noodles) expected to grow by 30% by 2025, and functional additives becoming a key focus in research and development [1] - Channel transformation is underway, with community group buying and instant retail expected to account for 25% of the market, promoting the development of "short shelf-life noodles" [1] Global Expansion - Leading companies are accelerating their manufacturing presence in Southeast Asia, with a 40% increase in production capacity for Kang Shifu in Indonesia in 2024, targeting the Muslim market [2] ESG Initiatives - The industry aims to reduce carbon emission intensity by 15% by 2025, with a target of achieving 20% renewable energy usage [2]

Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on May 15, 2025, to engage with investors [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [6]. - The company is listed on the Hong Kong Stock Exchange and offers shares in the U.S. through American Depositary Receipts (ADR) [6]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring price-to-earnings (P/E) ratio of 3.6x for FY 2024 [5]. Strategic Focus - First Pacific's strategy emphasizes maximizing shareholder returns through investments in defensive industries that are not significantly affected by changes in foreign trade tariffs [3]. - The company maintains a focus on emerging economies in Southeast Asia and holds majority stakes in its investments to ensure control over cash flows [8]. Key Assets - First Pacific's portfolio includes major companies such as Indofood (largest maker of instant noodles), MPTC (largest privately owned toll road operator), Meralco (largest power company), PLDT (largest telecommunications company), and Maynilad (largest water company) in the Philippines [4]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [4]. Financial Health - First Pacific has low borrowings with an interest coverage ratio of 4x and has maintained investment-grade credit ratings from Moody's and S&P Global for three years [5].

舌尖上的便捷： 2024方便食品行业全景洞察 ⚫ 行业背景与发展趋势：随着全球化和城市化进程的加快，人们生活节奏变快，对便 捷、快速的食品需求日益增长。方便食品因其易于储存、快速食用的特点，成为现 代生活中不可或缺的一部分。 ⚫ 白皮书目的与研究范围：本白皮书旨在分析方便食品行业的当前状况、未来趋势以 及面临的挑战，并探讨如何利用数字化工具进行市场调研和决策支持。 ⚫ 敏捷洞察数字化调研平台简介：敏捷洞察是一个利用在线调研、大数据和人工智能 技术，为企业提供即时市场洞察和消费者行为分析的数字化调研平台。 方便食品的定义 | | 传统方便食品 | | 新兴方便食品 | 健康方便食品 | 特色方便食品 | | --- | --- | --- | --- | --- | --- | | ○ | 方便面：预包装的面条， | ○ | 自热食品：包含自热包的 | ○ 营养代餐：为满足特定营 | ○ 地方特色小吃：模拟地方 | | | 通常附带调味料包，通过 | | 方便食品，如自热火锅、 | 养需求设计的方便食品， | 特色小吃风味的方便食品， | | | 加热水即可食用。 | | 自热米饭等，无需外部热 | 如代餐奶昔 ...