Newly Launched Soy Milk Will Drive Yili’s Long-Term Sales; Shares Are Overvalued to Our CNY 25 FVE
We are raising our fair value estimate for narrow-moat Inner Mongolia Yili Industrial, or Yili, to CNY 25 per share from CNY 24.50, attributable to the time value of money. While a shorter peak period in the fourth quarter has led to soft top-line year-on-year growth, given that the coming 2018 Chinese New Year falls in the middle of February, we expect Yili to meet our 2017 full-year 12% sales growth forecast. We anticipate Yili's revenue growth to grow at 9.5% annually through 2021, stemming f...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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