A few thoughts / guesses in the absence of any hard facts - take with a grain of salt:
- acquisition rumours - even though the signs all point to a sensible supply chain acquisition, the market might not like the risks associated with manufacture investment given quite a few other players in the NZ dairy space are going in the opposite direction and selling off assets.
- possible supply constraints - @talk-less posted some communications from China label distribution partners which suggest insufficient stock to match heightened demand. Not inherently a bad thing (strong demand) but depending on scale of the supply/demand mismatch there could be signficant sales left on the table?
- A2's milk recall - although it seems an isolated issue in a smaller market (WA) due to a third party manufacturer, it made wide headlines and IMO would have done a bit of brand damage
Other possibilities: 618 sales festival is currently underway, but reporting on sales rankings etc. for these have become less frequent in recent years. It's possible there's some institutional research on how this is going though..
- something not stock specific - e.g. China stimulus or birth rate related. Often weird unexplained SP movements end up being explained by macro China news
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