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

03/11/2020 11:17

{I-bank focus}CLSA raises Mengniu Dairy (02319) to HK$47

[ET Net News Agency, 3 November 2020] CLSA raised its target price for Mengniu Dairy
(02319) to HK$47 from HK$44.3 reflecting its updated FX rate assumptions, and maintained
its "buy" rating.
The research house said Yili's weak 3Q results unsurprisingly dragged down Mengniu's
share price last Friday despite the limited read-through it provided. Meanwhile, CLSA's
recent channel checks indicate Mengniu was ahead of peers in terms of sales growth and
margin performance in 3Q.
CLSA has been highlighting Mengniu as a key beneficiary of the milk price upcycle and
consumers' elevated health awareness post-Covid-19, given the solid upstream build-up, a
favorable category mix, and remarkable leadership in the premium UHT milk segment. (KL)

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