BOC International: Raising Mengniu Dairy's (02319) target price to HK$23.3 to maintain “buy” rating

Zhitongcaijing · 2d ago

The Zhitong Finance App learned that BOC International released a research report stating that it raised the target price of Mengniu Dairy (02319) from HK$21.51 to HK$23.3, corresponding 17 times the predicted price-earnings ratio for 2026, maintaining a “buy” rating. The bank pointed out that Mengniu Dairy achieved revenue of 44.8 billion yuan in the first half of the year, an increase of 7.8% over the previous year, which is faster than the company's growth guidelines at the beginning of the year. The bank believes that in the context of gradually stabilizing demand for dairy products and improving the relationship between supply and demand for raw milk, the company's core business is gradually recovering, while optimizing the category structure and improving operating efficiency are expected to improve the quality of growth.