Equity Analyst

Steve Zhou, CFA

Over 13 years of professional experience covering mainly Asian consumer companies in sell-side and buy-side.

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/uni-president-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14927:1" rel="noopener">Uni President China (220 HK)</a>, a F&amp;B company in China, has an impressive track record of paying near 100% or over 100% of net profit in dividends since 2018. </li>
<li>The company has two segments, food (mainly instant noodle), and beverage.  Overall sales grew 1% yoy in 2023 while net profit jumped 36% yoy. </li>
<li>Given the reasonable valuation (13x forward PE), a near 40% net cash position, and most importantly a stable 8% dividend yield, the stock looks attractive.</li>
</ul>



Uni President China (220 HK), a F&amp;B company in China, has an impressive track record of paying near 100% or over 100% of net profit in dividends since 2018. 
The company has two segments, food (mainly instant noodle), and beverage.  Overall sales grew 1% yoy in 2023 while net profit jumped 36% yoy. 
Given the reasonable valuation (13x forward PE), a near 40% net cash position, and most importantly a stable 8% dividend yield, the stock looks attractive.


Uni-President China (220 HK):  8% Dividend Yield Looks Sustainable