China Mengniu Dairy's 2H Revenue Growth Likely Slowed -- Market Talk

Dow Jones01-25

0238 GMT - Slower liquid-milk sales, sluggish infant-milk-formula sales and channel inventory clearance of ice-cream products likely weighed on China Mengniu Dairy in 2H, with CCB International analysts Anita Chu and Anita Du tipping revenue growth at 1%, moderating from 7% in 1H. However, they forecast 5% revenue growth for 2024 on higher sales. Mengniu's margins should also improve in 2024 as it continues to grow market share and amid a favorable trend for raw material costs. CCB lowers its 2023 and 2024 earnings forecasts by 14% each, and cuts its target price to HK$21.20 from HK$31.40. It maintains an outperform rating on the stock, which was last at HK$16.98. (hoishan.chan@wsj.com)

(END) Dow Jones Newswires

January 24, 2024 21:38 ET (02:38 GMT)

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