Mengniu’s First-Half Results Largely In Line; Cutting FVE to HKD 18.50 Owing to Weaker Chinese Yuan
No-moat China Mengniu Diary, or Mengniu, posted an upbeat interim result largely in line with our expectations, with revenue and EBITDA up 17% and 19% year on year, respectively, to CNY 34.5 billion and CNY 2.7 billion. We attribute the strong performance to promising sales growth in premium liquid milk and infant formula powder products, along with lower losses of CNY 101 million versus a loss of CNY 355 million in the previous year, recognized from its upstream associate, China Modern Dairy.R...
China Mengniu Dairy is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing and distribution of dairy products including liquid milk products (such as ultra-high temperature (UHT) milk, milk beverages and yogurt), ice cream, milk formula and other products (such as cheese) in China. Co.'s core brand is MENGNIU. Co.'s segments include liquid milk products, which manufactures and distributes UHT milk, milk beverages and yogurt; ice cream products, which manufactures and distributes ice cream; milk powder, which manufactures and distributes milk powder; and other products, which includes Co.'s cheese, plant-based nutrition product and trading business.
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