Mengniu’s Profit Impaired by Yashili and Disposal of Raw Milk Powder; FVE Remains at HKD 12
We maintain our no-moat and stable trend ratings and retain our fair value estimate of HKD 12 per share after China Mengniu Dairy posted a profit warning on Dec. 15. The company will record a substantial loss for 2016, its first net loss since 2008, mainly attributable to (1) a goodwill impairment provision against Yashili; (2) a share of losses from associated companies; and (3) losses from the disposal of raw milk powder.Yashili, a subsidiary of Mengniu, has encountered headwinds from the imp...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.