UBS pins its Buy rating on a meaningful recovery in indirect infant formula sales over the next two years, plus substantial gains in market share in China through the off-line roll-out and free trade zone expansion.
The broker acknowledges short-term earnings risks amid reduced visibility on daigou sales and the conflicting messages from peers in the March quarter. Target is steady at NZ$16.00.
Sector: Food, Beverage & Tobacco.
Current Price is $7.71. Target price not assessed.
