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02319 MENGNIU DAIRY
RTNominal down15.200 -0.360 (-2.314%)
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29/03/2018 15:30

[I-bank focus]Macquarie ups China Mengniu (02319) to HK$24.2


[ET Net News Agency, 29 March 2018] Macquarie Research lifted its target price for
China Mengniu Dairy (02319) to HK$24.2 from HK$18.2, and reiterated its "neutral" rating.
The research house expects Mengniu's revenue and earnings growth to be driven by China
Modern Dairy (01117) and Yashili's (01230) earnings turnarounds this year. It therefore
raised its FY2018/19 top-line forecasts by 9%/12% to reflect the IMF strong rebound.
However, it only tweaked up its net profit forecasts by 1%/5% for FY2018/19 as the high
A&P investment could dilute the top-line growth benefit.
Mengniu is trading at 29x 2018 PER. Macquarie believes the market has factored in the
recovery story. In view of the IMF (infant milk formula) play, it recommended Yashili.
(KL)

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