China Mengniu Dairy 2319

Re: China Mengniu Dairy 2319

Postby winston » Mon Feb 18, 2019 10:38 am

not vested

MENGNIU DAIRY(2319)

Analysis:

The company produces and sells dairy products in China, with an annual production capacity of 9.51 million tons.

In 18H1, the company achieved revenue of RMB34.47bn, a yoy increase of 17%.

Profit attributable to shareholders was RMB1.562bn, a yoy increase of 38.5%.

Looking forward, alongside consumption demand upgrade, room temperature yogurt, high-end pure milk and chilled products have become the main growth engine of the industry.

Regarding domestic infant milk formula, the market has been continuously developing in steady strides, owed mainly to quality upgrade, brand promotion and the two-child policy. The organic infant milk formula market, in particular, is growing fast.

Strategy:
Buy-in Price: $25.20, Target Price: $28.00, Cut Loss Price: $22.00

Source: Phillips
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Re: China Mengniu Dairy 2319

Postby winston » Thu Feb 28, 2019 1:30 pm

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Dec 28, 2018

<Research Report>Daiwa: Mengniu Buying Shengmu Downstream Biz In Right Direction for Long Run, but May Mount Near-term Pressure

In regards to MENGNIU DAIRY (02319.HK)'s acquisition of CHINA SHENGMU (01432.HK)'s downstream business with RMB300 million, Daiwa opined that it is in right direction in long run.

The retail brand recognition of CHINA SHENGMU is strong, and cannibalization risk of products between the two companies is not expected to be high, in Daiwa's point of view.

However, the research house projected the acquisition to mount near-term burden on MENGNIU DAIRY, as the acquired business has made loss of RMB77 million since 2016, 2.4% of 2018E profit of MENGNIU DAIRY.

Daiwa did not expect the related business to generate profit in 1-2 years.

MENGNIU DAIRY was reiterated Buy with target price of $29.3.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Thu Mar 28, 2019 3:49 pm

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<Research Report>BofAML Lifts MENGNIU DAIRY (02319.HK) TP to $31.5, Sees Good Start in 2019 Operation

Bank of America Merrill Lynch issued a research report covering MENGNIU DAIRY (02319.HK), whose 2018 revenue ballooned 14.7% YoY to RMB69 billion, in-line with market estimate.

The bank believes MENGNIU DAIRY is going to have a good start in 2019 operation with solid industry demand.

MENGNIU DAIRY is reiterated Buy with target price lifted by 10% to $31.5.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Mon May 06, 2019 2:22 pm

<Research Report>Citi: MENGNIU DAIRY (02319.HK) Reiterated Top-pick as New Chairman Familiar With CN Consumer Mkt

MENGNIU DAIRY (02319.HK) announced that Chen Lang had replaced Yu Xubo as the Chairman from 29 April. More positively, Chen has involvement in consumer-related units for a long time, with forward-looking vision on the China consumption market.

As the top pick for Chinese consumer staple sector, MENGNIU DAIRY was kept Buy at a $35.66 target.

The company's 2019 core earnings growth will likely accelerate to 25%.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Tue May 21, 2019 12:14 pm

not vested

MENGNIU DAIRY(2319)

Analysis:

China Mengniu Dairy (2319) strives to consolidate and establish new business divisions, focusing on businesses with high potentials including overseas markets, fresh milk, plant-based protein beverage and yogurt.

The Group`s Yoyi C factory in Indonesia commenced operation in November 2018. It has a designed daily production capacity of 130 tons and will contribute to the integration of production, supply and sales all in one place and be able to also supply products to major ASEAN countries in the future and help boost Mengniu`s competitiveness in the Southeast Asian market.

(I do not hold the above stock)

Strategy:
Buy-in Price: $29.00, Target Price: $31.00, Cut Loss Price: $28.00

Source: Phillips
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Re: China Mengniu Dairy 2319

Postby winston » Thu Aug 29, 2019 9:41 am

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<Result Ann>MENGNIU DAIRY Interim NP RMB2.077B, Up 33%; Nil Div

MENGNIU DAIRY (02319.HK) released the interim results.

For the six months ended 30 June 2019, the Group made revenue of RMB39.857 billion, representing an increase of 15.6% as compared to the same period last year.

Net profit increased by 33% year-on-year to RMB2.077 billion.

EPS equaled 53.1 fen.

No dividend was declared.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Thu Aug 29, 2019 11:27 am

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July 3, 2019

<Research Report>Daiwa Lifts MENGNIU DAIRY (02319.HK) TP to $36.6; Mgmt: 1H Revenue Momentum Strong

MENGNIU DAIRY (02319.HK) announced to sell 51% stake in Shijiazhuang Junlebao Dairy for RMB4 billion.

Mengniu posted strong 1H19 revenue momentum, likely better than the low-teen growth guidance for the year, as Daiwa cited from the management.

The recently launched "Milk Deluxe" could help Mengniu capture market share and boost brand value.

The broker reaffirmed a Buy rating on Mengniu, while raising its target from $32.8 to $36.6. Mengniu's 2020-21 EPS forecasts were lifted by 2-4%.

Source: AAStocks Financial News
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Re: China Mengniu Dairy 2319

Postby winston » Thu Aug 29, 2019 11:27 am

not vested

July 3, 2019

<Research Report>Daiwa Lifts MENGNIU DAIRY (02319.HK) TP to $36.6; Mgmt: 1H Revenue Momentum Strong

MENGNIU DAIRY (02319.HK) announced to sell 51% stake in Shijiazhuang Junlebao Dairy for RMB4 billion.

Mengniu posted strong 1H19 revenue momentum, likely better than the low-teen growth guidance for the year, as Daiwa cited from the management.

The recently launched "Milk Deluxe" could help Mengniu capture market share and boost brand value.

The broker reaffirmed a Buy rating on Mengniu, while raising its target from $32.8 to $36.6. Mengniu's 2020-21 EPS forecasts were lifted by 2-4%.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: China Mengniu Dairy 2319

Postby winston » Thu Aug 29, 2019 1:40 pm

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Brokers' Latest TPs, Views on MENGNIU DAIRY (02319.HK) Post Results (Table)

Brokers│Ratings│Target prices (HKD)
Daiwa│Buy│36.6
Citigroup│Buy│35.66
Morgan Stanley│Overweight│35
Credit Suisse│Outperform│35
JPMorgan│Overweight│33.8
Bank of America Merrill Lynch│Buy│33.5
Goldman Sachs│Neutral│31.1

Brokers│Views
Daiwa│Results slightly beat without quality
Citigroup│As CN consumer top-pick on core NP beat
Morgan Stanley│Results in-line, OPM expansion misses
Credit Suisse│Rev beats, GPM disappointing
JPMorgan│Sales, earnings beat on strong liquid milk, sales expense control
Bank of America Merrill Lynch│Results solid, rev beats, GPM largely in-line
Goldman Sachs│Core OP driven by liquid milk, Junlebao contribution

Source: AAstocks.com
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Re: China Mengniu Dairy 2319

Postby winston » Thu Aug 29, 2019 1:47 pm

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MENGNIU DAIRY: Milk Price Hike Parred by High-margin Product Growth

MENGNIU DAIRY (02319.HK) CEO Jeffrey Lu, at the press conference, said the 1H19 gross margin plateaued YoY if stripping off the disposal of Junlebao as announced earlier, although the group reported a 39.1% gross margin (-0.1 ppt YoY) during the period.

Lu furthered the milk price hike of 5-6% in 1H19 was sharper than the group expectation, yet it was parred by higher growth in high-margin products, coupled with reduced cost of other raw materials and positive impact from tax rate. As such, the gross margin was maintained.

CFO Zhang Ping added that the disposal of Junlebao may be completed in 2H19, and that he expected the profit margin indicators of the group to improve upon disposal.

Source: AAStocks Financial News
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