In fact, the main question for me regarding ATP is mainly : how much of the price increase is due to their own efforts and how much is due to the increase of market prices ?
The answer may be in the average increase price for south sea pearls since FY 20 (not for them, but for the market). However, I have not been able to find a source to find the increase of market prices. As a comparison, ASP/momme has increased by 42 % for ATP between FY 20 and FY 23 (based on the figures they give in their annual reports, while the way they calculate it has changed in FY 23).
Also good to remember that their recovery since FY 20 is also due to a better cost control, as their cost/ momme to complete and sell pearls has decreased by 22 % since FY 20. Lastly, good to remind that their recovery is not due to the average pearl size, which has now come back to the pre-recovery level.
ATP Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
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