Mengniu’s 2018 Results Beat Our Forecasts; Raising FVE to HKD 20.50 On Higher Profit Growth Forecast
The Chinese dairy market was hit by weaker consumer sentiment in the second half of 2018, with NBS’ production figures declining 1.5% from the prior year in terms of volume during July to November, compared with a strong 8% year-on-year increase in the first half. We believe no-moat China Mengniu Dairy is also affected and are lowering our 2018 full-year net profit forecast by 10.5% to CNY 2.67 billion as we revise down revenue growth from 13.3% to 12.1% and tweak up operating expense as a perce...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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