According to the Daiwa report on March 10, 0220.HK announced its annual results and held an analyst meeting yesterday. Due to the high growth in food and beverage revenue in the second half of last year, the overall income was higher than the bank's expectations, but the net profit was 2% lower than the bank's expectations, and the gross profit margin was 1.2% lower than the bank's expectations, mainly due to the pressure on the cost of packaging materials PET. The bank pointed out that Uni-President is cautious about sales costs this year and may not follow if its peers have fierce discount activities, and the focus is still on expanding food and beverage channels, infiltrating low-line cities, and brand investment. The bank raised its revenue forecast for this year and next by 8 to 10 per cent and its net profit forecast by 1 to 9 per cent to reflect potentially stronger-than-expected revenue growth and raised its gross margin forecast by 0.3 percentage point to reflect the lower PET cost assumption of packaging materials. The target price rose from HK $7.2 to HK $8.4, maintaining the "outperform" rating. The stock is now trading at HK $7.75, with a total market capitalization of HK $33.5 billion.