HK : Uni-President China - 1Q21 results basically in line, with strong beverage sales
UPC reported a net profit drop of 11% yoy in 1Q21, with the absence of an Rmb61m one-off gain from the government’s resumption of part of the land occupied by the Hefei factory. Excluding the one-off gain, 1Q21 net profit rose 4.0% yoy, basically in line with our expectation. We expect FY21F full-year sales to grow by 10.1% yoy, with sales of noodles and beverages growing by 6.5% and 13.2% yoy, respectively. Reiterate Add with an unchanged DCF-based TP of HK$11.1
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