Downgrade to HOLD, maintain target price at VND62,500
As Mocchau Milk‘s share price has bottomed out by +24.5% since end-June and maintaining TP at VND62,500, we downgrade to HOLD from BUY rating for Mocchau Dairy Cattle Breeding JSC., or Mocchau Milk (MCM VN). The increase of share price reflected the confirmation of capacity upgrading in mid-July, which will be completed within 2021 and support the two-digit earnings growth. However, there is not any stronger growth driver for Mocchau Milk beyond our forecast so far.
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