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Uni-President China Holdings Ltd

00220: XHKG (HKG)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 1.50	Xqmfl	Fvrngzb

Uni-President China Earnings: Lackluster Consumer Spending Dragged Results; Lowering Fair Value

Nov 9, 2023

No-moat Uni-President China’s third-quarter results trailed our estimates due to soft demand across the food and beverage segments. While we had projected revenue would trail management guidance, we still trim our 2023 and 2024 sales and net income projections to reflect weak results and more moderate growth next year. The company has made progress in scaling certain beverage and food products during the quarter, but momentum was insufficient to offset slowing demand for legacy products.

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