Equity Analyst

Steve Zhou, CFA

Over 13 years of professional experience covering mainly Asian consumer companies in sell-side and buy-side.

Mengniu Dairy (2319 HK):  Positive Read-Across From Yili 3Q23 Results And Briefing

Equity Bottom-Up

China Mengniu Dairy Co / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> is a good pick for those seeking value in the China consumer sector. </li>
<li>The company currently trades at 15x 2024E PE, compared to over 20x forward PE in the last 5 years, as the industry growth stagnated. </li>
<li>We can still expect above 10% net profit growth over the next three years, with the company looking to return more cash to shareholders.  </li>
</ul>



China Mengniu Dairy Co (2319 HK) is a good pick for those seeking value in the China consumer sector. 
The company currently trades at 15x 2024E PE, compared to over 20x forward PE in the last 5 years, as the industry growth stagnated. 
We can still expect above 10% net profit growth over the next three years, with the company looking to return more cash to shareholders.  


Mengniu Dairy (2319 HK):  Solid Value Play