HK : China Mengniu Dairy - Strong 1Q21 revenue growth

We estimate that Mengniu achieved strong revenue growth of over 20% yoy in 1Q21, with a two-year revenue CAGR since 1Q19 of over 10% yoy. The cost pressure from the rising raw milk price was more serious in 1Q21, but Mengniu will mitigate the risk through a mix upgrade and promotion reduction; the OPM expansion guidance for FY21F remains unchanged. Reiterate Add with an unchanged DCF-based TP of HK$50.8.

Most Viewed See latest

This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...

Full Tellimer disclaimers