China Mengniu Dairy May Continue Facing Demand Weakness in 2H -- Market Talk

Dow Jones08-30

0504 GMT - China Mengniu Dairy is likely to continue facing soft demand in its major segments in 2H, Morningstar equity analyst Jacky Tsang writes in a note. The Chinese dairy company's 1H total revenue and net profit fell on year, as sluggish demand weighed on all segments, Tsang notes. Impairment of raw milk inventory and operating loss of the company's upstream dairy subsidiaries could also drag on the company's net income, the analyst adds. Morningstar trims its 2024 net profit estimate for the company by 18% and has a fair value estimate of HK$21.00Shares are up 0.5% at HK$13.24.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

August 30, 2024 01:04 ET (05:04 GMT)

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