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RTNominal down48.600 -0.700 (-1.420%)
Research Report

28/08/2020 17:50

{I-bank focus}Goldman lifts Mengniu Dairy (02319) to HK$40.3

[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)

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