China dairy product group Mengniu jumps most in 2 years on solid H1 results

China Mengniu Dairy

25/08/2022 08:51

** Shares of China Mengniu Dairy Co Ltd  2319.HK  jump as
much as 9.2% to HK$35.15, the biggest daily pct gain since
August 2020 
    ** Stock hit the highest since Aug. 9 and on track to snap
two sessions of decline; second biggest pct gainer in Hang Seng
Index  .HSI  and Hang Seng Commerce & Industry Index  .HSNC 
    ** Chinese dairy products manufacturer and distributor says
its H1 net profit rose 27.3% year-on-year to 3.75 bln yuan
($547.69 mln) with revenue rising 4% to 47.72 bln yuan
 urn:newsml:reuters.com:*:nFWN3001WS
    ** Daiwa reaffirms "Buy" rating on the stock saying
Mengniu's 1H22 net profit beat the broker's low expectation on
non-operating items but sees risks including slowdown in
premiumisation   
    ** Citi maintains "buy" rating saying 1H22 core net profit
in line but expects re-accelerated growth in 2H22E 
    ** The Hang Seng Commerce & Industry Index  .HSNC  jumps
4.2% and the composite Industry Index tracking consumer staples
 .HSCICS  rises 1.8%
    ** The Hang Seng Composite Index  .HSCI  rises 2.9% and Hang
Seng Index  .HSI  surges 3.2%
    ** As of last close, the stock had dropped 27.2% this year


($1 = 6.8470 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))