Synlait, page-233

TBF I did not read his post the same way it appears you did.

The reality is that A2M has consistently grown and outperformed most other competitors in a shrinking market.

I think it is fair enough to ask why that continues to be the case in order to get to the heart of the ongoing value proposition for A2M.

As an ongoing holder, you must have some view about why it is worth continuing to hold A2M despite declining birth rates more or less being the norm nowadays.

In my view, there is further growth potential in:

- targeting BCD cities with higher birth rates as well as regions that are more responsive to policies encouraging births
- further product differentiation for different market segments (i.e. ultra high end)
- further branching from IF to family and senior nutrition
- other markets - USA is inching closer to profitability
- supply chain investment to reduce manufacturing and logistics costs