Quote:
a2 Milk has rallied almost 40% from its intra-quarter lows
a2 Milk has experienced a volatile share price over the quarter, as
challenges with distribution and pricing influenced share price valuations.
Product pricing on key online platforms recovered from recent lows, and
its sales rankings on major e-commerce platforms, Tmall and JD.com are
at similar levels to last year.
We have been expecting to see this recovery for some time, but we want
to see signs that the recovery will be sustained. These positives followed
another disappointing earnings downgrade during the quarter and the
unexpected departure of Peter Nathan, leader of the Asia-Pacific business.
What they didn't say. We have held this company all the way through the year despite serious questions about management and their ability to forecast anything and ATM is now trading at just a fraction over 30% of what it was trading at a year ago. We stuffed up and should have been more proactive about reducing our stake much lower and much quicker.