I wish you were always there, telling that to the guys I buy off! lol
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Excellent summary of the state of play in the all critical China IF market for all players.
Note references to tougher domestic competition, lower birth rates (down 15% in 2020) and how ongoing success will be determined by players' on-the-ground strategy & distribution capability and product mix.
Trust ATM's new CEO is taking note as he formulates his reset strategy.
I don't concern China declined birth rate as ATM target high-end segment which is still growing. This has been confirmed by Feihe 2020 annual results announcement: https://www.chinafeiheir.com/EnInvestor/Reports
Domestic competition? Generally speaking, yes, but that is for broad Infant Formula market. For A2 specific niche market, so far I can't see anyone can compete ATM which is absolutely dominant.
Although only 6 weeks since results announcement, wouldn't mind seeing some sort of update later in April. Give the market a little confidence, after $2b market cap being wiped off in that period.
Last year updated 22nd of April, and that was all gravy......
Either that, or some board/management buying!! ;)
I have completely written off 2021FY. It won't recover quickly. I use 2021FY as base year to forecast future years. Given the dominant position of A2 series products, I'm positive on ATM future years.
If I were the CEO, I'd like the results of 2021FY to be the worst, then any future better results are his great job done.