Inner Mongolia Yili Industrial Group Co Ltd Class A

600887: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥72.00	Vtl	Gzdsnwqnt

Reinitiating China Dairy Stocks; Our Top Pick Is Yili

Jacky Tsang

Feb 9, 2022

We reinitiate coverage of Inner Mongolia Yili Industrial Group, or Yili, and and China Mengniu Dairy, or Mengniu, with updated wide and narrow moat ratings, respectively. Yili is our top pick from the two as it offers the most upside to our valuations. We think Yili’s share price is overshadowed by recent raw milk price hikes but the company’s long-term competitive advantages remain intact in our view.

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