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Research Report

28/11/2019 17:58

Mengniu Dairy's war chest sufficient for acquisitions - S&P

[ET Net News Agency, 28 November 2019] S&P Global Ratings today said China Mengniu
Dairy Co. Ltd.'s (02319) good operating cash flow and high cash balance will provide a
sufficient buffer against its capital investments and potential acquisitions over the next
12-24 months.
The credit rating agency also expects the company to maintain its good organic growth
prospects through ongoing product innovation and strengthening distribution capability,
despite intense competition and the rising cost of raw milk in China.
S&P affirmed its 'BBB+' long-term issuer credit rating on Mengniu and the 'BBB+'
long-term issue rating on the company's existing senior unsecured notes.
The stable outlook reflects S&P's expectation that Mengniu will maintain its good market
position in China and manage the integration and execution risks associated with its
acquisitions. (KL)

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