Glonghui, March 13 | DBS published a report indicating that the unified enterprise China is growing steadily and has an attractive dividend ratio, which supports its valuation. As of the end of December last year, the company's net cash position remained stable at 6.486 billion yuan, of which 7.565 billion yuan in cash and total loans of 1,079 billion yuan. Assuming a payout ratio of 113%, it is estimated that the dividend rate could reach 7%. The company's current valuation is equivalent to 14.8 times the projected price-earnings ratio in 2024, maintaining a “buy” rating, and the target price has been lowered from HK$8.5 to HK$6.5. According to the report, unified last year's core profit increased by 14.8% year-on-year, in line with expectations. The bank expects that as household consumption at home continues to accelerate this year, ready-to-drink beverages will drive steady growth, while fast food may still face some pressure.