China Mengniu Dairy Co Ltd
02319: XHKG (HKG)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
HK$83.00 | Ctlcs | Ckcxwpkw |
2021 Results Broadly as Expected, Growth Story Remains Intact; FVE Maintained at HKD 44
Narrow-moat Mengniu reported 2021 revenue that was largely in line with our estimate, but gross margin and net profit margin slightly missed our forecasts. Liquid milk, ice cream, and cheese categories drove top line strength for the year, whereas liquid milk continued to drive profits for Mengniu, more than offsetting losses in milk powder.