Today we attended the Health and Happiness (H&H) investor day in Melbourne. H&H owns the Australian Swisse vitamins business. Management and industry experts spoke about China's continued strong affinity for Australian-made products. The association with health/wellness and quality themes is clear.
Swisse indicated (much like TWE) that branding is critical, along with the
importance of being the No. 1 brand with first mover advantage. Industry experts suggested that Australian wine exports were now moving across the border to China far more easily and that the bottleneck (which TWE recently indicated on May 17) was over.
We think this reduces FY18 earnings risk for TWE.
TWE Price at posting:
$17.35 Sentiment: Buy Disclosure: Held
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(20min delay)