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02319 MENGNIU DAIRY
RTNominal up15.660 +0.120 (+0.772%)
Research Report

03/03/2020 14:18

{I-bank focus}JEF starts Mengniu Dairy (02319) at HK$39

[ET Net News Agency, 3 March 2020] Jefferies Research initiated coverage on Mengniu
Dairy (02319) with a "buy" rating and target price of HK$39.
The research house said Mengniu is ranked No.2 in dairy in China by sales. It has
leading brands in most dairy product segments. Jefferies believes Mengniu has entered a
virtuous cycle of improving branding, new product launches, and market share gains.
Particularly, Jefferies expects its pasteurized milk and overseas expansion to be key
drivers. It forecast Mengniu to achieve 8.6% sales CAGR and 19% recurring net profit CAGR
in 2018-21. (KL)

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