Newly launched soy milk will drive Yili’s long-term sales; shares are overvalued to our CNY 25 FVE.
We are raising our fair value estimate for narrow-moat Inner Mongolia Yili Industrial, or Yili, by 26% to CNY 24.50 per share from CNY 19.50, as we make aggressive medium-term forecasts for revenue and operating profit growth following the release of strong third-quarter results. With strong consumption demand in high-end liquid milk products, we have revised up our five-year forecast for revenue growth to a CAGR of 9.5% from 8.4% and our forecast for operating profit growth to a CAGR of 11.6% f...
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