China Mengniu Dairy Co Ltd

02319: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 58.00	Wdgrtt	Vtwklpfdx

2021 Results Broadly as Expected, Growth Story Remains Intact; FVE Maintained at HKD 44

Jacky Tsang

Mar 31, 2022

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.

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