The revenue implication of non-renewal was most likely larger for Synlait than it was for A2M, even if the likelihood of non-renewal was low.
About a third of A2M's revenue comes from China label whereas I suspect the China label product orders placed by A2M make up a larger proportion of Synlait's revenue.
A2M Price at posting:
$5.49 Sentiment: Buy Disclosure: Held
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