Golden Data reported on July 31st that Macquarie published a research report stating that due to weak demand for milk and intense market competition, it is predicted that the performance of China Mengniu Dairy Company Limited (02319.HK) in the first half of the year will be weak, with expected declines in income and net profit of 6% and 24% year-on-year. However, considering that the price of raw milk in the industry fell by more than 10% in the first half of this year, Macquarie believes that the decline in raw material prices is sufficient to offset the negative impact of market competition. It is expected that the core operating profit margin of Mengniu in the first half of the year will increase by 0.3 percentage points, in line with the guidance of the group's operating surplus margin increasing by 0.3 to 0.5 percentage points. Macquarie expects Mengniu to control capital expenditure under weak industry demand and enhance shareholder returns. The annual dividend yield is expected to reach 3.8%, and the corresponding target price is lowered from HK$32 to HK$23. The rating remains outperform.
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Morgan Stanley, hedef fiyatını 23 Hong Kong dolarına düşürdü, süt fiyatındaki düşüş, pazardaki rekabetin olumsuz etkisini telafi edebilir.
Golden Data reported on July 31st that Macquarie published a research report stating that due to weak demand for milk and intense market competition, it is predicted that the performance of China Mengniu Dairy Company Limited (02319.HK) in the first half of the year will be weak, with expected declines in income and net profit of 6% and 24% year-on-year. However, considering that the price of raw milk in the industry fell by more than 10% in the first half of this year, Macquarie believes that the decline in raw material prices is sufficient to offset the negative impact of market competition. It is expected that the core operating profit margin of Mengniu in the first half of the year will increase by 0.3 percentage points, in line with the guidance of the group's operating surplus margin increasing by 0.3 to 0.5 percentage points. Macquarie expects Mengniu to control capital expenditure under weak industry demand and enhance shareholder returns. The annual dividend yield is expected to reach 3.8%, and the corresponding target price is lowered from HK$32 to HK$23. The rating remains outperform.