Yili’s 18% Sales Growth in 3Q Beat Our Forecast; Shares Remain Overvalued to Our New CNY 24.50 FVE
We are raising our fair value estimate for narrow-moat Inner Mongolia Yili Industrial, or Yili, by 26% to CNY 24.50 per share from CNY 19.50, as we make aggressive medium-term forecasts for revenue and operating profit growth following the release of strong third-quarter results. With strong consumption demand in high-end liquid milk products, we have revised up our five-year forecast for revenue growth to a CAGR of 9.5% from 8.4% and our forecast for operating profit growth to a CAGR of 11.6% 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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