Mengniu Sees Strong Sales Recovery in Milk Powder and Ice Cream; Raising FVE to HKD 15.80 per Share
We are raising our fair value estimate for no-moat China Mengniu Dairy, or Mengniu, by 15% to HKD 15.80 per share from HKD 13.70, as we make more aggressive forecasts for revenue growth and gross margin, following the release of solid first-half results. Given the optimistic outlook and high profit growth expectation from the market, Mengniu’s share price has surged 28% since August. However, we view the shares as overvalued at current levels and suggest investors wait for a pullback.Although p...
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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