HK : Nissin Foods Co Ltd - China market driving earnings growth

Nissin Foods’s 1Q21 net profit (-6% yoy) came in 10% below our expectations (at 28% of our FY21F forecast) due to higher AP expenses. We expect continued earnings growth in FY21-23F for the China market on sustained market share gains in China’s premium instant noodle market. Maintain Add. However, our target price (still based on 20x ex-cash P/E in FY22F) is lower at HK$8.70 with the 7-10% EPS cuts in FY21-23F.

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