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Daiwa lifts Dali Foods (03799) to HK$8.7
Daiwa Research lifted its target price for Dali 
Foods Group (03799) to HK$8.7 from HK$7.3, and maintained its "buy" rating.
  The research house believes the rapid growth in Dali's soybean milk revenue in 2017
(from CNY200m in 1H 2017 to over CNY800m in 2H 2017) following its launch of the Doubendou
(DBD) brand confirms the company's ability to launch its own successful products rather
than simply being a follower of trends.
  In the long run, Daiwa looks for Dali's pricing power to improve and its valuation 
discounts to most of the China staples players to narrow. It forecast Dali's soybean milk
sales to exceed CNY1bn in 2017 and CNY2.5bn in 2018.

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