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BofAS Chops MENGNIU DAIRY (02319.HK) TP to $24.5, Lowers EPS Forecasts
MENGNIU DAIRY (02319.HK) 's results missed expectation, BofA Securities released a research report saying.
BofA Securities lowered its EPS forecasts for 2024 and 2025 by 8% each, and chopped its target price by 18% from $30 to $24.5, reflecting the industry's de-rating.
Despite the lack of catalysts in the near term and the expected decrease of the market's forecasts, BofA Securities reiterated rating at Buy on MENGNIU DAIRY, due to its extremely attractive valuation, which is now believed to be 13x of 2024 projected PE ratio, 41% lower than the average of the past decade, representing a 15% underperformance over the HSI since 2023, and its continued expansion of its market share in the dairy industry of China.
Related News: M Stanley: MENGNIU DAIRY 2023 NP 7%/ 12% Below Forecasts of M Stanley/ Street
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN