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02319 MENGNIU DAIRY
RTNominal unchange15.800 0.000 (0.000%)
Research Report

26/03/2021 16:49

{I-bank focus}HSBC lifts Mengniu Dairy (02319) to HK$51.5

[ET Net News Agency, 26 March 2021] HSBC Global Research lifted its target price for
China Mengniu Dairy (02319) to HK$51.5 from HK$50.5 and maintained its "buy" rating.
The research house said Mengniu's 2020 results were largely in-line. HSBC expects
revenue to grow by 13.4% in 2021, and growth to be mainly driven by white milk (+15%),
fresh milk (+80%), and cheese (+25%).
It raised its EBIT forecast in 2021 by 5% by factoring in a higher EBIT margin of 6.3%
versus 6.1% (2020: 4.6%), or an improvement of 50bps versus 2019 on an organic basis. HSBC
believes stronger margin expansion will be supported by operating leverage on stable GPM.
(KL)

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