Ann: Bubs Q3 FY24 Quarterly Activity and Cashflow Statement, page-62

Simplistic analysis.

Malaysia is overall very similar to China in terms of average incomes, and clearly the market for a product like goat formula is in the wealthier inner city areas which are above the average.

There is also a larger market for goat formula, which is A2 protein and contains lower levels of lactose, in South Asia where 90+% of people have symptoms of lactose intolerance.

All the majors, Nestle, Meead Johnson, Abbott, etc are in these markets. Why not enter as well especially if there is a potential competitive advantage.