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Morningstar, Inc.

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Thematic (Sector/Industry)

We don't expect China's beverage market to reaccelerate to the levels it once enjoyed. Although the country's consumption of soft drinks and alcoholic beverages will likely continue to rise at a healthy clip, offering outsize gains versus other, more-developed nations, we expect slowing gross domestic product growth, worsening demographics, and embedded cultural practices to cause much more muted gains over the next five years than many investors hope.We anticipate soft-drink and beer volume growth to trail GDP gains. That said, we see pockets of opportunity for manufacturers as further premiumization leads to improving price points, profitability, and returns on capital. In particular, we think investors should keep international beverage behemoths #<a href="https://www.smartkarma.com/entities/979" target="_blank" data-smartkarma-citation="entities:979:1">Coca Cola Co/The (KO US)</a> and <a href="https://www.smartkarma.com/entities/865" target="_blank" data-smartkarma-citation="entities:865:1">Anheuser Busch Inbev Sa/Nv (ABI BB)</a> on their watch lists, given solid brand intangible assets, national distribution networks, and cost advantages. Conversely, we think local brewer <a href="https://www.smartkarma.com/entities/1296" target="_blank" data-smartkarma-citation="entities:1296:1">Tsingtao Brewery Co Ltd H (168 HK)</a> looks overvalued.Analysts: Adam Fleck, CFA &amp; team

We don't expect China's beverage market to reaccelerate to the levels it once enjoyed. Although the country's consumption of soft drinks and alcoholic beverages will likely continue to rise at a healthy clip, offering outsize gains versus other, more-developed nations, we expect slowing gross domestic product growth, worsening demographics, and embedded cultural practices to cause much more muted gains over the next five years than many investors hope.We anticipate soft-drink and beer volume growth to trail GDP gains. That said, we see pockets of opportunity for manufacturers as further premiumization leads to improving price points, profitability, and returns on capital. In particular, we think investors should keep international beverage behemoths #Coca Cola Co/The (KO US) and Anheuser Busch Inbev Sa/Nv (ABI BB) on their watch lists, given solid brand intangible assets, national distribution networks, and cost advantages. Conversely, we think local brewer Tsingtao Brewery Co Ltd H (168 HK) looks overvalued.Analysts: Adam Fleck, CFA &amp; team

China Unlikely to Quench Beverage Firms' Thirst for Growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Yashili International Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> announced its controlling shareholder, <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>, is in discussions regarding its holdings in Yashili and several potential transactions.</li>
<li>If the transactions proceed, the potential privatisation offer is HK$1.20 per Yashili share, a 31.9% premium to the last close price of HK$0.91 (prior to the trading halt).</li>
<li>The potential transactions are subject to a number of pre-conditions and conditions. We think the potential offer is attractive.  </li>
</ul>



Yashili International Holdings (1230 HK) announced its controlling shareholder, China Mengniu Dairy Co (2319 HK), is in discussions regarding its holdings in Yashili and several potential transactions.
If the transactions proceed, the potential privatisation offer is HK$1.20 per Yashili share, a 31.9% premium to the last close price of HK$0.91 (prior to the trading halt).
The potential transactions are subject to a number of pre-conditions and conditions. We think the potential offer is attractive.  


Yashili’s Potential Pre-Conditional Privatisation Offer from Mengniu

China

Xinjiang Guannong Fruit & Antler (Group) Co., Ltd. cultivates Korla pears, and produces antlers and other health products from red deer. The Company also manufactures and sells carton boxes and fruit packaging materials.

Xinjiang Guanng Fruit & Antler Gp (600251 CH)

Gansu Yasheng Industrial (Group) Co., Ltd. is an investment holding company. Through its subsidiaries, the Company operates in chemical engineering, agricultural production, textile products printing and dyeing, commercial trading, as well as beverage and inorganic salt manufacturing.

Shanghai Maling Aquarius Co., Ltd. manufactures and markets canned food, bottled water, flavorings, frozen food, and other related products.

Yashili International Holdings Ltd. produces dairy products.  The Company operates milk processing plants in Guangdong, Heilongjiang, Shanxi and Henan Provinces in China.

Tenfu Cayman Holdings Co Ltd. is a traditional Chinese tea-product enterprise engaged in the sale and marketing of a comprehensive range of tea products. The Company's key products are tea leaves, tea snacks, and tea ware which are sold through a nationwide network of self-owned and thrid party owned retail outlets.

China Modern Dairy Holdings Ltd. is an industrialized agricultural company. The Company operates dairy farms and produces raw milk in China.  China Modern Dairy Holdings Ltd focuses on large-scale industrialized free-stall dairy farming.

Luoniushan Co., Ltd. produces and markets a variety of agricultural products. The Company's products include pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and undertakes construction projects.

Guilin Layn Natural Ingredients Corporation developes, manufactures and sells natural ingredients which are derived from plant materials. The Company's botanical extracts are used by the pharmaceutical, food and cosmetic industries to manufacture finished products for the consumer market.

Guilin Layn Natural Ingredients (002166 CH)

Jinzi Ham Company Limited develops, produces and sells Jinhua Ham, ham products and various fermented meat products and low-temperature meat.

Beijing Sanyuan Foods Co., Ltd. produces and sells dairy products such as pasteurized milk, sterilized milk, yogurt, and milk powder. The Comapny also operates real estate business.

KIDO Group Corp produces baked goods and candy. The Company produces cookies, crackers, pies, cakes, and bread, along with chocolate and other candy.

Mitsui Sugar Co., Ltd. produces and sells sugar and related processed products including sweetener and syrup.  The Company produces its products for commercial use and home use.

Vitasoy International Holdings Limited, through its subsidiaries, manufactures and distributes food and beverages.

Piccadily Agro Industries Limited manufacture sugar and its by products.

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

Sinar Mas Agro Resources and Technology Tbk PT and its subsidiaries develops oil palm and tea plantations.  The Company produces and trades crude palm oil, palm kernel oil, tea, and refined palm products such as cooking oil and margarine.  Sinar Mas also manufactures packaging products such as bottles and caps as well as provides management services.

Sinar Mas Agro Resources and Technology Tbk PT (SMAR IJ)

Sinar Mas Agro Resources and Technology Tbk PT

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries,  the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations.

The Hain Celestial Group, Inc. is a natural and organic beverage, snack, specialty food, and personal care products company.  The Company's product line include grocery store foods such as organic cookies, cooking oils, sugar free products, kosher foods, snacks, and frozen foods, as well as organic skin, hair, and body products. Hain Celestial sells and markets in North America and Europe.

Daesang Corporation manufactures food seasonings, fermentations, sweeteners, starches, coffee, fodder, and bulk pharmaceutical ingredients.  The Company also constructs commercial buildings, infrastructures, and environmental facilities.

President Bakery PCL produces and distributes a wide variety of baked goods to fast food restaurants and convenient stores.  The company also sells its product through its own retail stores under Farmhouse shop and Deliya by Farmhouse.

Health and Happiness H&H International Holdings Ltd provides health care supplements. The Company offers pediatric nutritional and baby care products. Health and Happiness H&H International Holdings serves nutrition and wellness industries worldwide.

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Health And Happiness (H&H) (1112 HK)

China Unlikely to Quench Beverage Firms' Thirst for Growth

We don't expect China's beverage market to reaccelerate to the levels it once enjoyed. Although the country's consumption of soft drinks and...

Morningstar, Inc.

Yashili’s Potential Pre-Conditional Privatisation Offer from Mengniu

Yashili announced that Mengniu is in discussions regarding its holdings in Yashili and several potential transactions, which could lead to a...

Arun George

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52-week Range

Market Cap (USDm)

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