HK-listed China Modern Dairy hit 5-month high on upbeat H1 forecast

China Modern Dairy Holdings

06/07/2020 08:38

** Shares of raw milk producer China Modern Dairy Holdings
Ltd  1117.HK  surge as much as 18.7% to HK$1.08, their highest
since February 14, and on track for fourth straight session of
gain 
    ** Stock later trims gain to HK$1.06, still up 16.5%,
heading for best day since September 2016
    ** Co. expects its first half net profit, including one-off
gains, to rise not less than 40%, as compared with the same
period a year ago, amid growth in raw milk production and sale
volume, decline in costs and a rise in raw milk price (https://bit.ly/3f6rW0G)
    ** Says the overall operation of its farms has remained
normal during the outbreak of the coronavirus disease while
production and sales volume of raw milk have been stable. It
expects the interim results to be published by end of August 
    ** As of last close, the stock had fallen 20.9% this year
    ** Anhui-based China Modern Dairy, controlled by China
Mengniu Dairy  2319.HK , has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 7.5 percentage
points in the past one month
    ** Shares of China Mengniu also rise 5.3% to HK$32.90, the
highest since January 20
    ** The Hang Seng China enterprises index  .HSCE  surges
5.1%, while the benchmark index  .HSI  rises 4.1%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net,
editing by Louise Heavens)