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RTNominal down46.850 -0.750 (-1.576%)
Research Report

01/09/2020 14:46

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

[ET Net News Agency, 1 September 2020] Morgan Stanley lifted its target price for China
Mengniu Dairy (02319) to HK$45 from HK$38 and maintained its "overweight" rating.
The research house expects sales growth for Mengniu to stay in the mid-teens in 2H after
a strong rebound in 2Q at 19%. Morgan cited Mengniu's management expecting double-digit
sales growth (at least low teens) in 2H with comparable OPM (operating profit margin) up
30-50bps in 2H.
It raised its 2020 and 2021 earnings forecasts 5% and 7% for Mengniu to reflect the
strong beat in 2Q. Morgan expects 2019-22 earnings CAGRs of 17% for Mengniu. (KL)

Remark: Real time quote last updated: 27/01/2021 14:24
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