https://www.afr.com/markets/equity-m...0211020-p591i6
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When they have 150 pages of waffle explaining what they need to work on.
Page 157 (of 161) doesn't read that well
Trading update - There is no material change to the FY22 position as outlined at the FY21 August results announcement
And that was pretty vague back then
http://nzx-prod-s7fsd7f98s.s3-websit...594/357753.pdf
looked terrible the update
anz milk sales flat ( cant remember when they didnt grow ?)
US sales declined
mvm nutritional sales down
IF sales china lower than expected
looks the opposite of the bub's announcement
So an 'ambitious' revenue target of $2 billion some time in the 'medium term'
Jeez they did $1.73 billion not long ago
maybe. the stock is on very expensive fundamentals at current pricing . technically it has been trading in a range at the bottom 5.41 - 7.77. when you range trade at the bottom of a downtrend this is very bearish usually means a continuation of the prior trend. traders sold at the top of the range the other day
The crucial data & color of how things are really going investors are looking for will have to wait for the Q&A at the 11 am presentation.
Meanwhile, what do these statements really mean :
" ..... there was no material change to its position since that announcement, however it was seeing a different mix of business, favouring its English label infant formula over its Chinese label product.
Sales of English label product in the first quarter of this financial year were lower than the same period last year, but “significantly up” on the fourth quarter, when sales were constrained to reduce inventory that had built up.
While sales of English label product were expected to be down in the first half compared with the same period last year, they were expected to be ahead of expectations.
In contrast, sales of China label product in the first quarter were lower than expected, and expected to be “significantly down” in the first half.'
Observation : Sounds like daigou channel is back and sales are doing much better than expected but sales in China is down. Given that English label sales were 35% more than China label in 2021, does that mean that sales & margins are overall up?