[ET Net News Agency, 28 August 2020] Goldman Sachs raised its target price for China
Mengniu Dairy (02319) to HK$40.3 from HK$36 and maintained its "buy" rating.
The research house said Mengniu's 1H results were above Goldman's estimates with organic
sales growth and 2Q margin expansion faster than expected. Analyzing the 1H result,
Goldman said that Mengniu is still the highest sales growth dairy company. This is due to
Mengniu's continued expansion into low tier city/county areas, its high end and mainstream
room temp milk product contribution.
Looking ahead, the company is confident it will achieve at least low teen sales growth
and 30-50bps core margin expansion. Goldman sees Mengniu as having solid momentum into 2H
from further market share gain, new products/category contribution, and the baby formula
acceleration trend.
It raised Mengniu's 2020-22 reported EPS forecasts by 4-6% to reflect the faster sales
growth and steady margin expansion. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
02319 MENGNIU DAIRY
Nominal 
15.660 +0.380 (+2.487%) Research Report
28/08/2020 17:50
{I-bank focus}Goldman lifts Mengniu Dairy (02319) to HK$40.3
| Remark: | Real time quote last updated: 18/04/2024 15:04 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |