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Global Dairy Holdings Ltd. May 11
Standard & Poors, May 2011
Abstract
Smaller scale than peers' Operating in a highly fragmented and competitive market Aggressive growth strategy to expand into dairy-farm operations Good profit margin Located in an area with favorable dairy farming climate and vast fertile grasslands Favorable growth potential in China's milk powder industry The rating on GDH reflects our view of the company's smaller scale than its peers', the highly fragmented and competitive dairy market in China, and GDH's aggressive growth strategy to expand upstream into dairy-farm operations. GDH's good profitability and its dairy-farming location, which benefits from a favorable climate and vast fertile grasslands, temper these weaknesses. In addition, we believe that China's dairy market has strong growth potential. The Chinese milk powder market is highly fragmented and...
Companies mentioned in this report are: Global Dairy Holdings Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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