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02319 MENGNIU DAIRY
RTNominal up35.400 +0.200 (+0.568%)
Others

03/07/2020 14:20

{I-bank focus}Goldman ups Mengniu Dairy (02319) to HK$35.6

[ET Net News Agency, 3 July 2020] Goldman Sachs raised its target price for China
Mengniu Dairy (02319) to HK$35.6 from HK$28.7 and upgraded its rating to "buy" from
"neutral".
The research house increased Mengniu's 2020-22 EPS forecasts by 1-6%, reflecting faster
organic sales recovery, more GPM (gross profit margin) expansion, and less SG&A spending.
Goldman believes continued product mix upgrades and muted milk cost pressure should lead
Mengniu's OPM (operating profit margin) expansion back on track for 2H 2020 and 2021.
It added that Bellamy's expansion will also drive an additional sales/margin
contribution in 2H. Overall, Goldman now expects a 32% EPS rebound in 2021, one of the
fastest among its China consumer staples coverage. (KL)

Remark: Real time quote last updated: 14/08/2020 16:49
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