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02319 MENGNIU DAIRY
RTNominal up35.650 +0.750 (+2.149%)
Others

10/07/2020 14:54

{I-bank focus}JEF raises Mengniu Dairy (02319) to HK$43.6

[ET Net News Agency, 10 July 2020] Jefferies Research raised its target price for China
Mengniu Dairy (02319) to HK$43.6 from HK$36 and maintained its "buy" rating.
The research house said the National Health Commission of China on 13 February published
an official dietary guideline to prevent Covid-19 and suggested that everyone drink 300g
of milk each day. As a result, the demand for pure milk has surged in the past few months.
Jefferies expects Mengniu's margin to expand helped by increasing contribution from
high-end UHT milk from 2Q. Its recently acquired Bellamy IMF is due to be launched in
offline stores in China in 2H, and Jefferies expects this to become a new earnings driver.
In 2H, Jefferies forecast 16% sales and 21% core EBIT growth for its organic business
(excluding Junlebao and Bellamy). (KL)

Remark: Real time quote last updated: 11/08/2020 17:58
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