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02319 MENGNIU DAIRY
RTNominal down47.050 -0.550 (-1.155%)
Research Report

27/10/2020 10:45

{I-bank focus}Daiwa raises Mengniu Dairy (02319) to HK$45

[ET Net News Agency, 27 October 2020] Daiwa Research raised its target price for China
Mengniu Dairy (02319) to HK$45 from HK$41 and maintained its "buy" rating.
The research house said Mengniu has identified packaging and "green factories" as
material environmental issues and has increased investment in those areas over 2019.
Mengniu has sourced 100% of its raw milk from intensive and large-scale dairy farms
since 2014, enhancing its raw-material safety standards and giving it a steady supply of
quality raw materials to develop premium products in the long run.
Daiwa expects Mengniu to maintain low-teen revenue growth (on a recurring basis) and the
strong momentum from 2Q (+19%) driven by increasing demand for nutritious products like
pasteurised milk and probiotic drinks. It believes Mengniu is on track to deliver its
targeted 0.5pp operating-margin expansion every year over 2H 2020-2022. (KL)

Remark: Real time quote last updated: 27/01/2021 14:44
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