Yili’s 4Q Profits Ahead of Our Forecasts on Margin Improvement; Raising Our FVE to CNY 27.50
China’s largest dairy producer, narrow-moat Inner Mongolia Yili Industrial, or Yili, posted solid fourth-quarter results that surpassed our forecasts, with underlying revenue and operating profit up 18% and 33% year on year, respectively, driven by product upgrades and strong sales volume growth from lower-tier regions. Yili’s leading market position was further strengthened, with its market share of room-temperature and low-temperature liquid milk segments expanding 2.3 and 0.5 percentage point...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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