China Mengniu jumps most in nearly 10 months after solid H1 results

China Mengniu Dairy

31/08/2023 03:44

** Shares of China Mengniu Dairy Co  2319.HK  jump 7.4% to
HK$26.85, on course for the biggest one-day rise since Nov. 4 if
gains hold
    ** Stock hits highest since Aug. 14; biggest pct gainer in
Hang Seng Index  .HSI , Hang Seng Commerce & Industry Index
 .HSNC  and Hang Seng China Enterprises Index  .HSCE  
    ** Chinese dairy products group says its H1 operating profit
rose 29.9% YoY to 3.27 bln yuan ($448.68 mln), with revenue up
7.1% YoY to 51.1 bln yuan and operating profit margin increased
110 basis points YoY to 6.4% 
    ** Citi maintains "Buy" rating saying Mengniu's core net
profit is above expectation while operating profit margin is
stronger-than-expected and the stock remains its top pick in the
China staples space
    ** Hang Seng Commerce & Industry Index  .HSNC  climbs 0.5%
and Hang Seng Consumption Index  .HSCGSI  rises 1.1%
    ** Hang Seng China Enterprises Index  .HSCE  and Hang Seng
Index  .HSI  gain 0.7% and 0.5% respectively
    ** As of last close, the stock had fallen 29.4% this year


($1 = 7.2880 Chinese yuan renminbi)

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