We Expect Strong 4Q Sales Growth From Yili, but Operating Margin Pressured; CNY 25.50 FVE Intact
We've tweaked narrow-moat Inner Mongolia Yili Industrial’s growth forecasts slightly, but our fair value estimate is unchanged at CNY 25.50 per share. The shares look fairly valued at current levels. Yili’s evolved business strategy has achieved good results with top-line growth and market share expansion, and we expect the full-year 2018 organic revenue growth will finish strong at 15% year on year. However, higher raw milk costs and a sharp increase in selling (marketing and promotional) expen...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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