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<Research>HSBC Research Adds MENGNIU DAIRY (02319.HK) TP to $21.8 as 1H25 NP in Line
Recommend 6 Positive 12 Negative 7 |
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MENGNIU DAIRY (02319.HK)'s 1H25 net profit was in line with its prior expectations, HSBC Global Research issued a research report saying. Adjusted net profit declined by 9% YoY to RMB2.012 billion, missing the broker's forecast of RMB2.047 billion. Revenue dropped by 7% YoY, a decline larger than 5% as estimated by HSBC Global Research. Management lowered its full-year revenue guidance from low single-digit growth to a mid-single-digit decline, but maintained its guidance for flat core operating profit margins for the year. The broker reduced its 2025 revenue forecast by 3% to a 6% YoY decline, and its 2025 net profit forecast by 9% to RMB3.717 billion. HSBC Global Research also lowered its 2026/ 2027 earnings forecasts by 10.1%/ 11.5%, and revenue projections by 2.6%/ 2.6%. Considering the lowered 2025 capital expenditure guidance and the Company's plans to dispose its non-core assets, the broker added its target price from $21.5 to $21.8, with rating kept at Buy. AAStocks Financial News Website: www.aastocks.com |
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