ENTITY

Uni President China (220 HK)

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Analysis

Consumer Staples • China

Uni-President China's products include beverages and food. The Group recorded a revenue of RMB22,761.8 million in 2020, representing an increase of 3.4% as compared with that of the corresponding period last year, and profits after tax of RMB1,625.7 million, representing an increase of 19.0% as compared with that of last year. We recorded a double-digit growth in the food business as the increasing brand value of daily-consumed noodles “Soup Daren（湯達人）” was highly recognized by consumers and the brand philosophy of the high-end Chinese cuisine “Kai Xiao Zao （開小灶）” was continuously promoted to create and extend the consumption scenarios, thereby contributing to such multifold growth in revenue. The beverages business was gradually recovering despite the impacts caused by the epidemic. “Uni Assam Milk Tea（統一阿薩姆奶茶）” was favoured by consumers as usual with a unwavering leading position in the milk tea market and positive growth in revenue. Sugar-free tea “Chai Li Won（茶裏王）” aligned with consumers’ lifestyle concept of “sugar-free” to improve its brand recognition. On its road to value marketing, the Group remained steadfast in developing brands that are loved and trusted by consumers.

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bullish•China Resources Beverage

•03 Oct 2024 09:48

China Resources Beverage Pre-IPO - Updated Thoughts on Valuation

China Resources Beverage (CRB HK) is looking to raise up to US$1bn in its upcoming Hong Kong IPO. In this note, we talk about our updated thoughts...

Sumeet Singh

486 Views

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bullish•China Resources Beverage

•03 Oct 2024 08:55

Pre-IPO China Resources Beverage (PHIP Updates) - Some Points Worth the Attention

Valuation performance of CR Beverage after listing in HK would be a challenge. Single business structure/price war/fierce competition will lead to...

Xinyao (Criss) Wang

418 Views

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bullish•China Resources Beverage

•26 Sep 2024 00:38

CR Beverage IPO: The Bull Case

CR Beverage, which will begin pre-marketing its IPO to raise up to US$1 billion, has filed its PHIP. CR Beverage aims to complete the deal before...

Arun George

705 Views

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bearish•China Resources Beverage

•12 Sep 2024 13:57

CR Beverage IPO: The Bear Case

The bear case rests on core business' pricing pressure, a slow pace of revenue diversification, a sizeable pre-IPO dividend, and margin and FCF...

Arun George

522 Views

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bullish•Quantitative Analysis

•10 Mar 2024 10:00

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

404 Views

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