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02319 MENGNIU DAIRY
RTNominal down15.340 -0.220 (-1.414%)
Others

06/07/2018 17:40

[I-bank focus]MacQ cautious on Mengniu Dairy top-line growth

[ET Net News Agency, 6 July 2018] Macquarie Research reiterated its cautious view on
China Mengniu Dairy (02319). The research house believes market expectations for top-line
growth are too aggressive, while competition remains intense.
Macquarie's FY2018 earnings forecast implies 17% growth, 25% lower than consensus. The
shares are trading at a 35x FY2018 PER, higher than the 23x FY2018 PER for Yili.
It reiterated its "underperform" rating on Mengniu, with an unchanged target price of
HK$20.8. (KL)

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