China Feihe Ltd Ordinary Shares

06186: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$7.50	Klcnx	Yrnbqnx

China Feihe Earnings: The Super-Premium Segment Charged Profit Growth; Maintaining Fair Value

Jacky Tsang

Aug 30, 2024

Narrow-moat China Feihe’s first-half revenue and net income exceeded our estimates thanks to the strong momentum of the new premium products. Management noted that channel inventory has returned to a healthy level and is optimistic about faster revenue growth in the second half. This is directionally consistent with our expectations, but we still raised our second-half sales and net income projections by 2% and 9%, respectively, to account for the better-than-expected performance of its premium lineups.

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