[ET Net News Agency, 30 April 2018] Citi Research lifted its target price for China
Mengniu Dairy (02319) to HK$31.7 from HK$29.15, and reiterated its "buy" rating.
The research house hosted Mengniu a US non-deal roadshow last week. It believes
Menngiu's strong new product pipeline (40+ new products in 2018), new division-focused
organization structure, quick expansion into e-commerce B2B channels, enhanced branding
and Danone's step-up in R&D support have all given itself a better footing in competition
with less impact from competitors' promotions.
Citi raised its 2019/20 earnings forecasts by 5%. (KL)