【Sinolink Food & Beverage】Food & Beverage Views 0729: Focus on the allocation value of stable interest-bearing assets!

English summary

Mass consumer goods sectors, especially condiments, soft drinks, and dairy leaders, generally have stable cash flow, limited capital expenditure, and low earnings volatility. They have a solid dividend basis and strong shareholder return willingness. Current A-share stocks with dividend yields exceeding 4% mainly include Yili (5.5%), Qiaqia (4.6%), Anjoy (4.6%), Qianhe (4.5%), and Tianwei (4.5%); H-share stocks with dividend yields exceeding 5% mainly include Uni-President (7.8%), Master Kong (7.5%), Yihai (6.2%), and Weilong (5.8%). From a 26-27 two-year perspective, the above high-dividend companies still have revenue growth potential, with some companies' profits likely to grow faster than revenue, and dividend yields have strong certainty. Yili continues to expand diversified business segments, with liquid milk demand continuously recovering, and is expected to maintain mid-single-digit growth in revenue and net profit attributable to parent for 26-27; Anjoy expands new products and gains share, with expected high-single-digit revenue growth and net profit growth slightly faster than revenue; Qiaqia embraces new channels with expected slight revenue growth, and melon seed cost improvements drive profit recovery; ...