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Goldman starts Dali Foods (03799) at HK$6.4
Goldman Sachs initiated coverage on Dali Foods Group (03799) with a "buy" rating, and a target
price of HK$6.4.
The research house expects Dali, leveraging its status as a diversified F&B company, to
continue innovating into faster-growth product categories, while also defending its market
share in existing businesses from high competition.
  Goldman said Dali trades at a 25% discount to listed F&B peers in HK, mainly due to
concerns on the sustainability of its high margins. However, the research house expects
Dali to maintain its 20%+ operating margin given its shift to higher-margin products and 
its strong hold on traditional channels.
  Goldman also expects double-digit growth in sales and EPS over the next two years to 
drive a re-rating of the shares.

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