Earnings ForecastFY25 earnings are reduced by 14% due to higher finance costs from increased bank loans.
Earnings ReductionEarnings for FY24/FY25F are cut by 27%/35% given weaker-than-expected raw milk prices so far.
Key RisksReliance on China Mengniu, outbreak of diseases, food safety issues, raw milk price and raw material cost fluctuations, and ESG concerns are some of the key risks.