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02319 MENGNIU DAIRY
RTNominal down15.200 -0.360 (-2.314%)
Research Report

03/03/2021 18:01

{I-bank focus}DBS cuts Mengniu Dairy (02319) to HK$54.1

[ET Net News Agency, 3 March 2021] DBS Group Research cut its target price for China
Mengniu Dairy (02319) to HK$54.1 from HK$57.4 and maintained its "buy" rating.
The research house expects China Mengniu's product upgrades (Milk Deluxe 3.0 DreamCap)
and organic milk to support its premiumisation strategy and enable it to maintain market
share and expand margins.
DBS forecasted liquid milk sales (core) to deliver a CAGR of 11% in FY2020-22. The
research house expects Bellamy's to be the key driver in the infant formula portfolio. DBS
projected infant formula sales to deliver a CAGR of 26% in FY2020-22. (KL)

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