Faster Growth of Higher-End Products Will Boost Yili’s Top-Line Growth; Raising FVE to CNY 18.60
Narrow-moat-rated Yili’s 2016 earnings were largely in line with our expectations, with net profit increasing 21.8% from 2015. The firm retained its leading position in China’s dairy industry with 20% market share at the end of 2016, although its 0.75% year-on-year sales growth was slower than its major rival Mengniu’s 9.7%. Yili’s weaker top-line growth was due to the disposal of upstream subsidiary Youran Farming in April and a less aggressive selling strategy on advertising and promotional ex...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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