Revenue Improved in 2Q, but Bottom Line Dragged by Upstream Associate; Shares Fairly Valued
We don’t intend to alter our HKD 13.70 fair value estimate for no-moat China Mengniu Dairy before the release of interim results by the end of August. Thanks to reaccelerating demand for dairy products, we anticipate Mengniu’s half-year sales to grow at a high-single-digit rate. Although profit losses from its upstream associate, China Modern Dairy, and its infant formula powder business, Yashili, continue to weigh on its bottom line, we believe Mengniu will recover in the second half onward, al...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.