[ET Net News Agency, 28 August 2020] Macquarie Research raised its target price for
China Mengniu Dairy (02319) to HK$49 from HK$23 and upgraded its rating to "outperform"
from "underperform".
The research house said Mengniu has seen revenue recover to double-digit growth since
April, leading to comparable business (excluding Junlebao and Bellamy's) growth
accelerating from 0% in 1Q to 19.2% in 2Q. Management maintained its full-year guidance,
with the top line showing at least low teens growth and OPM expansion by 30-50bp.
Macquarie cited its industry checks noting that smaller dairy downstream companies are
gradually phasing out of the market post-pandemic; thus Mengniu could continue to gain
market share and double-digit revenue growth is achievable.
Macquarie raised its 2020/21 revenue by 8% and 16% to factor in Bellamy's contribution.
It also raised its FY2021 net profit forecast by 27%. (KL)
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02319 MENGNIU DAIRY
Nominal 
16.000 +0.140 (+0.883%) Others
28/08/2020 17:01
{I-bank focus}MacQ raises Mengniu Dairy (02319) to HK$49
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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