A Macquarie reduziu o preço-alvo da China Mengniu Dairy para 23 dólares de Hong Kong, e a queda nos preços do leite cru é suficiente para neutralizar os efeitos desfavoráveis da concorrência no mercado.

A Macquarie research report released on July 31st stated that due to weak demand for milk and intense market competition, it is predicted that the performance of China Mengniu Dairy Company Limited (02319.HK) in the first half of the year will be weak, with expected revenue and net profit declining by 6% and 24% respectively. However, considering that the price of raw milk in the industry fell by more than 10% in the first half of this year, Macquarie believes that the decline in raw material prices is enough to offset the negative impact of market competition. It is expected that Mengniu’s core operating profit margin in the first half of the year will increase by 0.3 percentage points, in line with the guidance of a 0.3 to 0.5 percentage point increase in the group’s operating profit margin. Macquarie expects that under weak industry demand, Mengniu will control capital expenditures, enhance shareholder returns, and achieve an expected dividend yield of 3.8% for the full year. Accordingly, the target price has been lowered from HK$32 to HK$23, and the rating remains outperform.