Mengniu’s 2018 Results Beat Our Forecasts; Raising FVE to HKD 20.50 On Higher Profit Growth Forecast
No-moat China Mengniu Dairy’s 2018 full-year net profit, up 49% year on year, was better than we expected, driven by strong mid-teens revenue growth and operating margin improvement through new premium product launches and sales channel penetrations into lower-tier markets, along with brand building investments. We’re raising our fair value estimate to HKD 20.50 per share from HKD 18.50, as we revise up our earnings growth forecast from a sustainable top-line growth and margin expansions on the ...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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