Earnings ReductionEarnings for FY24/FY25F are cut by 27%/35% given weaker-than-expected raw milk prices so far.
Higher Finance CostsHigher finance costs have led to a reduction in FY25 earnings forecast.
Key RisksReliance on China Mengniu, outbreak of diseases, food safety issues, raw milk price and raw material cost fluctuations, and ESG concerns are key risks.