There were a few positives but overall disappointing result IMO.
- Slight beat on 1H21 guidance
- MBS revenue growth much stronger than I expected, 45%, but store count is much lower than the A2 China website suggests, this source can no longer be used as an indicator
- ANZ Fresh milk up 16% which is alot more than usual
- Daigou revenue drop was actually much lower than I expected (40%) but a CBEC decline of similar magnitude (36%) was the biggest surprise. Blew out my estimates.
- USA revenue growth was also lower than I expected but the EBITDA loss significantly reduced which is positive.
- I didn't see anything about capital managment plans which will irk some people
- Overall FY20 revenue at lower end of guidance (so technically no downgrade there) but FY21 EBIDTA margins have been downgraded.
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