Elevator Pitch
I maintain a "Neutral" rating on Hong Kong-listed Chinese dairy company China Mengniu Dairy Co., Ltd. (CIADF) (CIADY) [2319:HK].
China Mengniu's 1Q2020 financial performance is likely to have taken a hit from the coronavirus pandemic, which is expected to change the behavior of both competitors and consumers. But China Mengniu expects a recovery in the second half of the year, and it is guiding for double-digit growth in revenue and an improvement in operating profit margin for 2H2020.
In the medium-to-long term, the positive impact of increased health consciousness