China Mengniu Dairy 2319

Re: China Mengniu Dairy 2319

Postby winston » Thu Aug 28, 2014 2:33 pm

<Result Ann>MENGNIU DAIRY (02319.HK) 1H net profit gains 39.9%

MENGNIU DAIRY (02319.HK) reported interim fiscal results.

Revenue escalated 25% yearly to RMB25.836 billion.

Net profit jumped 39.9% to RMB1.049 billion.

EPS was RMB54 fen, and no dividend was declared. ~

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Fri Aug 29, 2014 10:25 am

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China Mengniu (2319 HK)

1H14: Lower Raw Milk Costs And Product Premiumisation Offset Higher Adspend Mengniu’s 1H14 net profit jumped 40% yoy to Rmb1.05b, in line with our estimate, representing 45% and 50% of our and consensus estimates.

Sales grew 25% yoy to Rmb25.8b, driven by 16.4% growth in UHT milk, 23.1% yoy and 23.6% in milk beverages and yogurt respectively, as well as contribution from Yashili.

We think concerns over higher adspend costs, inventory and imports are overdone.

Maintain BUY. Target price: HK$42.30.

Source: UOBKH
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Re: China Mengniu Dairy 2319

Postby winston » Fri Nov 07, 2014 3:32 pm

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<Stock on Move>MENGNIU DAIRY (02319.HK) sees narrowing loss

MENGNIU DAIRY (02319.HK)'s share price once tumbled 7% at most to $30.7 this morning, setting a one-month low.

It closed the morning session at $32.1, down 2.7%, on turnover of $250 million.

Amid worries over the decline in sales volume of milk in Mainland, GAPACK (00468.HK) which is engaged in the packaging business issued a profit warning.

However, Credit Suisse mentioned in the latest report that MENGNIU DAIRY confirmed that its sales growth remained positive and the company did not adjusted its sales guidance.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Mon Aug 03, 2015 1:56 pm

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<Research Report>G Sachs Downgrades MENGNIU DAIRY to Sell with Target Cut to $30.1

Goldman Sachs, in its report, downgraded MENGNIU DAIRY(02319.HK) to Sell from Neutral due to two major factors that lead to earnings miss:
1. persistent dairy over-supply and weaker-than-expected consumer demand which leads to high levels of milk powder inventory in the first half of 2015;
2. low efficiency of distributors and sales terms which results in the loss of market share of Mengniu.

In addition, the acquisition of Yashili was underperformed.

The research house reduced the P/E multiple from 23x (in line with industry average) to 18.4 times (a 20% discount from peers).

The target price was trimmed by 33% to $30.1.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Tue Aug 04, 2015 4:11 am

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Dairy drops on `sell' call

China Mengniu Dairy (2319) shares plunged as much as 12.7 percent yesterday after Goldman Sachs downgraded the stock to "sell" and slashed its target price by 33 percent to HK$30.10.

Shares of the mainland's second-largest dairy producer hit a low of HK$30.50 at noon, but recovered to close at HK$33.55, down 4.28 percent. This chalked up a three-week high turnover of HK$376 million.

Goldman Sachs said in a research report that weak consumption had led to an oversupply in China's dairy market, forcing Mengniu to lower prices in an attempt to move six months' worth of inventories.

Mengniu uses raw milk produced in the mainland which is dearer than in Europe and New Zealand, tempering profit growth.

According to the report, Mengniu deployed inefficient marketing strategies while restructuring its distributors and sales team, which had led to a loss of market share.

Goldman Sachs also lowered Mengniu's price-to-earnings ratio target to 18.4 times, down from 23 times a 20 percent discount to the average valuation among its peers.

Shares of its peers also performed poorly yesterday, ahead of the release of the New Zealand dairy index today a bimonthly index of dairy prices which has fallen nine times in a row.

Yashili (1230) fell 4 percent to HK$2.16 and China Modern Dairy (1117) lost 2.79 percent.

Source: The Standard HK
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Re: China Mengniu Dairy 2319

Postby winston » Fri Aug 28, 2015 7:02 am

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Unit drags on dairy

China Mengniu Dairy (2319) chief executive Sun Yiping said the industry in the mainland faces challenges of excess supply of raw milk, but added the firm will keep its prices stable.

The company will also strive to develop its online marketing and products to tap young consumers in the second half, Sun said.

The mainland's leading dairy product maker saw revenue in the first half dip 1.1 percent, dragged by its newly acquired infant milk formula unit, Yashili International Holdings (1230).

But net profit grew by 27.7 percent to 1.34 billion yuan (HK$1.62 billion).

Revenue fell to 25.56 billion yuan while earnings per share hit 68.9 fen, up 27.6 percent.

Yashili said net profit in the period plunged 63.9 percent to 75.58 million yuan due to changes in market sales channels.

No dividend was declared by the two companies. Shares of Mengniu fell 3.02 percent, while Yashili jumped 10.62 percent.

Source: The Standard HK
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Re: China Mengniu Dairy 2319

Postby winston » Tue Nov 03, 2015 11:52 am

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<Research Report>BofA Merrill Lynch Downgrades MENGNIU DAIRY to Neutral with Target Cut to $15.1

MENGNIU DAIRY(02319.HK)'s peers Yili and Bright Dairy posted a 23%/ 64% decline in 3Q NPAT, as dragged by high selling expenses.

Hence, Bank of America Merrill Lynch revised down MENGNIU DAIRY's 2015-2017 EPS forecast by 6-10% and cut its target price from $19.4 to $15.1 correspondingly, implying 18.5x 2016 P/E.

The research house also downgraded MENGNIU DAIRY to Neutral from Buy with a lack of near-term positive catalyst.

MENGNIU DAIRY has lost share to Yili YTD, yet it is required to spend more on promotion to defend its market share.

Bank of America Merrill Lynch, in its report, also covered that even though the milk price is stabilizing, there is no meaningful scale-back of retail discount in the near term as a result of more intense competition between existing industry leaders and emerging firms (such as China Modern Dairy).

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Tue Nov 10, 2015 11:02 am

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FIL Limited Cuts Holdings in MENGNIU DAIRY (02319.HK) to Less Than 5%

According to the disclosure of interests on the Stock Exchange of Hong Kong, on 3 November, FIL Limited reduced 1.704 million shares in MENGNIU DAIRY (02319.HK) at an average price of $13.715 to cash in $23.3704 million.

Its shareholding in MENGNIU DAIRY thus decreased from 5.02% to 4.98%.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Fri Nov 13, 2015 12:54 pm

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<Research Report>C Suisse Trims MENGNIU DAIRY (02319.HK) Target to $17.2; Kept Outperform

Credit Suisse lowered MENGNIU DAIRY (02319.HK)'s earnings forecast by 6%-20% to reflect its worse-than-expected demand and competition.

Its target price was cut from $20 to $17.2, implying 2016E 23x P/E. The rating was maintained at Outperform.

In 2016, Credit Suisse expected the company's core earnings (excluding the contribution from CH MODERN D (01117.HK) and YASHILI INT'L (01230.HK) ) and sales to grow 8.5% and 6.5% yearly. The broker estimated 2016 group earnings/sales growth of 5.2%/5.8%.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Wed Mar 23, 2016 1:41 pm

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<Research Report>BofAML: MENGNIU DAIRY 2H15 Weak on Rising Opex

After the analyst briefing, Bank of America Merrill Lynch said that MENGNIU DAIRY (02319.HK) posted flat earnings in 2015, in line with estimates.

Of this, organic (excluding Yashili) and recurring (excluding one-offs) earnings saw a rise of 4.5% and slipped 13% respectively.

2H15 was weak with a 3% decline in revenue. Gross margin was improved, yet operating expenses at 26.2% of sales, leading to a 21% year on year decline in earnings.

Full year net profit was 10 bps higher YoY at 4.8%. The target price was set at $10.2.

The research house said that MENGNIU DAIRY's 2015 revenue dropped 2% to RMB49 billion, of which organic sales stayed largely flat at RMB46.8 billion.

By segment, YASHILI INT'L (01230.HK) earnings slumped 64% to RMB118 million. Revenue dipped 22% to RMB2.76 billion. Profit margin rose 60 bps YoY to 31.4%. Operating expense gained 2.8% to RMB12.86 billion. Cash flow from operations decreased to RMB1.9 billion, with inventory stayed flat at RMB4.34 billion.

Source: AAStocks Financial News
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