HK-listed China Modern Dairy jumps to 4-week high, Daiwa lifts TP

China Modern Dairy Holdings

28/08/2019 06:13

** Shares of China Modern Dairy Holdings Ltd  1117.HK  rise
as much as 6.5% to HK$1.31, highest since July 29 
    ** Daiwa raises target price for China Mengniu Dairy
 2319.HK -backed raw milk producer to HK$1.70 from HK$1.65,
maintains "buy" 
    ** Factors in higher net profit estimates, recent issues of
new shares to a strategic investor
    ** Expects significant improvements in cash flow and net
profit over 2019-20, with recovery in raw milk prices in 2H19
    ** China Modern Dairy on Monday posts 124.9 mln yuan ($17.61
mln) profit in first half, compared to 140.3 mln yuan loss a
year ago  urn:newsml:reuters.com:*:nFWN25M0H4    
    ** As of Tuesday's close, stock had risen 57.7% this year 
    ** China Modern Dairy has outperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 2.8 percentage
points in the past month
    ** Shares of parent China Mengniu Dairy climb as much as
4.5% to an all-time high of HK$34.60  
    ** The Hang Seng sub-index tracking consumer goods companies
 .HSCICG  eases 0.1%
    ** The Hang Seng China enterprises index  .HSCE  gains 0.2%,
and the benchmark index  .HSI  edges up 0.1%
($1 = 7.0928 Chinese yuan)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)