Mengniu’s Sales Growth Remains Strong in 2H Amid Industry Tailwinds; Raising FVE to HKD 16.20
We increase our fair value estimate for China Mengniu Dairy, or Mengniu, by 2.5% to HKD 16.20 per share, owing to the time value of money. Although we expect the firm’s revenue in the downstream businesses (liquid milk, ice cream, and milk powder) to improve in the second half, we only expect a moderate improvement in profitability, as its upstream associate, China Modern Dairy, remains loss-making. We retain our no-moat rating for Mengniu and view the shares as overvalued at current levels, tra...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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