Huatai Securities: optimistic about Uni-President China's stable operation, slightly lowering target price to 11.69 Hong Kong dollars.

Huatai Securities released a research report indicating that the net profit of Uni-President Enterprises in the first three quarters of 2025 was 2.01 billion yuan, a year-on-year increase of 23.1%, corresponding to a net profit of 730 million yuan in the third quarter of 2025, with a year-on-year increase of 8.4%. The bank is optimistic about the company's stable operation, high dividend payout ratio, and attractive dividend yield. Looking ahead, the bank expects the domestic procurement prices of raw materials for Uni-President in 2026 to remain stable, and the overall cost pressure of the company is expected to be manageable. Taking into account the external consumption environment and industry competition trends, the bank slightly lowered its profit forecast, expecting the company's net profit attributable to shareholders in 2025 to 2027 to be 2.24 billion, 2.42 billion, and 2.54 billion yuan respectively, with annual increases of 21.2%, 7.8%, and 5%, corresponding to earnings per share of 0.52 yuan, 0.56 yuan, and 0.59 yuan. With reference to the average P/E ratio of comparable companies in 2026 at 19 times, it gives Uni-President a P/E ratio of 19 times in 2026, corresponding to a target price of 11.69 Hong Kong dollars, maintaining a "buy" rating.