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RTNominal down48.500 -0.800 (-1.623%)
Research Report

28/08/2020 17:55

{I-bank focus}Jefferies lifts Mengniu Dairy (02319) to HK$45

[ET Net News Agency, 28 August 2020] Jefferies Research lifted its target price for
China Mengniu Dairy (02319) to HK$45 from HK$43.6 and maintained its "buy" rating.
The research house noted that Mengniu management guided double digit sales growth for 2H
and 30-50bps margin expansion for 2H and 2021. Management is focusing on RTM (Route to
Market) reform, cost control and digitalization transformation, and Jefferies believes
these measures will enhance its competitiveness and drive its long term growth. Bellamy
and fresh milk will be the next growth drivers.
Jefferies revised its net profit in 2020 by 20% to factor in a better than expected
recovery in 2H. It forecast a 16% recurring earnings CAGR in 2019-22, with Rm3.3/4.8/5.9bn
net profit in 2020/21/22. (KL)

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