Mengniu: Top of the range, priced for perfection
2319 has been a good performer (+c.56% since trough in Mar'20) but the stock is trading at the top of a channel established since Dec'17 with P/B trading at +1.5x standard deviation and EV/EBITDA at +1x standard deviation. Operating margins of c.6% is the best in last 10 years...got to wonder if the stock is priced for perfection and ripe for some mean reversion.