[ET Net News Agency, 11 December 2017] CLSA lifted its target price for China Modern
Dairy (CMD)(01117) to HK$2.16 from HK$2.05 on the back of a higher milk price assumption,
and reiterated its "buy" rating.
The research house believes CMD's core business has stabilised in 2H following a series
of business transitions over the past two years.
In addition to an improving milk price outlook and rising synergy with Mengniu (2319),
CLSA expects CMD's core-NP to see a significant rebound in 2017-18 and for its FCF to turn
positive in 2018. It believes CMD's recent share price weakness offers a good entry point.
CLSA lifted its raw milk price forecast for CMD by 2% to Rmb3.82-3.95/kg for 2017-19. It
forecast its core net profit (excluding fair-value losses and one-off items) to rebound
66% in 2017 with a CAGR of 50% over 2018-19. (KL)
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01117 CH MODERN D
Nominal 
0.630 0.000 (0.000%) Others
11/12/2017 15:26
[I-bank focus]CLSA ups China Modern Dairy (01117) to HK$2.16
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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