February 19, 2025 00:53 GMT
EM ASIA CREDIT: China Mengniu Dairy (CHMEDA, Baa1/BBB+/NR) profit warning
EM ASIA CREDIT
China Mengniu Dairy (CHMEDA, Baa1/BBB+/NR)
"MENGNIU DAIRY <2319> PROFIT WARNING" - BBG
- Chinese dairy company, Mengniu Dairy, has issued a profit warning this morning.
- This is driven primarily by non-cash impairments of operations in Australia (Bellamy’s Australia) as well as with an associated company, China Modern Dairy.
- Net profit for 2024 is expected to range between RMB50m - RMB250m versus RMB4.8bn in 2023.
- In terms of spread impact, negative bias, though we note the the write-down is non-cash and cash flow is expected to remain stable.

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