Moodys Investors Service - Inner Mongolia Yili Industrial Group Co. Ltd. Class A (600887) Inner Mongolia Yili Industrial Group Co Ltd: Update following rating affirmation

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Moody's Investors Service

EUR 232.95 For Business Accounts Only

Inner Mongolia Yili Industrial Group Co Ltd: Update following rating affirmation

Our credit view of Yili reflects its status as a leader in China's growing dairy products market and its integrated business model, offset by its intense market competition.

01/03/2024 1 EN

Underlying

Inner Mongolia Yili Industrial Group Co. Ltd. Class A

Inner Mongolia Yili Industrial Group, through its subsidiaries, is engaged in the purchasing, processing and selling milk; raising milk cows and animals; import and export trading; manufacturing and selling cold beverages; manufacturing milk powder, fluid milk, frozen food and dairy food; assets and enterprise entrusted operations; industrial plantation; processing agricultural product; manufacturing and selling dairy products; investment development; selling minerals, animals and by-products; real estate development, operation and consultation services; purchasing agricultural by-products; and purchasing and selling feeds.

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CNE000000JP5 Shanghai Stock Exchange China

Provider

Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

130 countries
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76,000 structured finance obligations

Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.

Moody’s default studies validate our predictive ratings. Our published research and investor briefings draw thousands of attendees each year and keep investors current with the rationale underlying our credit opinions.

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Inner Mongolia Yili Industrial Group (600887 CH): Q24: Earnings up 64% yoy on investment gains; cut in channel shipments to impact 2Q24 revenue.

Yili’s earnings grew 64% yoy in 1Q24 due to one-off investment gains, despite a weak liquid milk revenue (-7% yoy). We expect liquid milk revenue to trend down in 2Q24 as Yili aims to reduce channel shipments amid the weak retail sales demand. Management guides for revenue growth of 3% yoy in 2024, which we think will be driven by consumption scene expansion and product innovation, and also reiterated its net profit margin target of at least 9% in 2025. Maintain BUY. Cut target price by 5% to Rmb32.80.

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Inner Mongolia Yili Industrial Group Co Ltd: Update following rating affirmation

Inner Mongolia Yili Industrial Group (600887 CH): Q24: Earnings up 64% yoy on investment gains; cut in channel shipments to impact 2Q24 revenue.

Greater China Daily: Thursday, May 2, 2024

China Consumer: Focus on four key theses for the sector.

Moody's Ratings affirms Cox Enterprises' and Cox Communications' Baa2 ratings; outlooks remain stable

Moody's Ratings upgrades ratings on three classes of CLO notes and downgrades rating on one class of notes issued by CIFC Funding 2018-IV, Ltd.

Moody's Ratings upgrades St. Michael-Albertville ISD 885, MN's issuer rating to Aa3

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