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1、ABGlobalResearch10June2019EquitiesAsiaFood&BeverageChristinePeng,CFAAnalystchristine-y.peng@ubs.com+852-29717571AllyChenAnalystally.chen@ubs.com+886-2-87227347SatsukiKawasakiAnalystsatsuki.kawasaki@ubs.com+81-3-52086265TingWang,CFAAssociateting-za.wang@ubssecurities.com+86-0
2、21-38668805ChinaInstantNoodlesUBSEvidenceLabinside:LowertiercitiesledtocontinuousconsumptionrecoveryPotentialprofitabilityupsideunderpinnedbycontinuingpremiumisationInApril2019,UBSEvidenceLabconducted2,621interviewswithChineseconsumersaged18-64,residingacrosstier-1totier-5cit
3、ies,tobetterunderstandconsumers'perceptions,behaviour,andbrandpreferencesininstantnoodles.Thissurvey'sresultsshowedthecontinuationofthepremiumisationtrendwementionedinour2017and2018studies,with60%ofregularbuyersnowspendingmorethanRmb5onaverageonabowlofnoodles,upfrom50%in2018.
4、Ofregularbuyers,76%arewillingtopaymorethanRmb5forabowlofhealthy,nutritional,andtastyinstantnoodles,implyingfurtherASPupsidepotential,inourview.Weseemid-tolong-termprofitabilityupsidepotentialforTingyiCaymanIslands(Tingyi)andUni-PresidentChina(UPC),giventheirleadershipinthepre
5、miumnoodlessegment.IncreasedpurchasefrequencypointstovolumeupsideThesurveyresultsshowedanobviousincreaseinpurchasefrequencyasaveragetimesofregularbuyerspurchasinginstantnoodlesperweekreboundedto0.76in2019(from0.59in2018,0.72in2017,and0.81in2016),drivenmostlybytheincreaseintie
6、r-2totier-5cities.Increasedpurchasefrequencyimpliesthepotentialreboundofconsumers'demandforinstantnoodlesin2019,inourview.ApolarizedconsumptionstructureislikelyforthenoodlesmarketDespiteTingyi'sandUPC'sleadingpositionsinthepremiumsegment,UBSEvidenceLab'ssurveyindicatedamuchhi
7、gherpurchasefrequencyfornon-premiumoverpremiumproducts,suggestingthemajorityofinstantnoodlesconsumedaremassproductsdespitecontinuouspremiumisation,inourview.Wethinkfurtherinvestmentsinproductdevelopmentandconsumereducationarerequiredgivenconsumers'stilllow(~30%)perceptionofin
8、stantnoodlesas"healthy"and"nutritional"in2019.Stockpicks:wepreferTin
