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Uni-President Enterprises Eyes Growth in China and 7-Eleven Philippines Over the Medium Term

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Securities In This Article
Uni-President Enterprises Corp
(1216)

No-moat Uni-President Enterprises 1216 hosted an annual results joint meeting to recap 2022 results for its various subsidiaries including narrow-moat President Chain Store and no-moat Uni-President China. A key focus was its growth strategies for Uni-President China. We keep our fair value estimates unchanged for the three companies and retain our view that Uni-President China’s current strategies could support high-single-digit sales growth for 2023, but we remain cautious over it continuing such growth rates in the medium term. 7-Eleven in the Philippines is considered a key medium-term growth driver for President Chain Store, consistent with our view.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Jacky Tsang

Equity Analyst
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Jacky Tsang is an equity analyst for Morningstar Asia Limited, a wholly owned subsidiary of Morningstar, Inc. He covers the Greater China consumer defensive sector, which includes packaged food, home care, food retail, and personal products companies.

Before joining Morningstar, Tsang was the research lead at GfK, where he covered a variety of listed companies, notably in the consumer durables and electronics sectors across the Asia-Pacific region. He has presented as an industry expert at various sell-side investor conferences. He also worked previously with Coleman Research, where he conducted primary industry research and helped generate leads for clients seeking channel checks.

Tsang holds a bachelor's degree (first class) in English studies from The Hong Kong Polytechnic University.

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