Bell Potter = Sell $13.75, page-46

What evidence do you have of anything other than strong revenue growth in the China market? Or in USA? Let's hear it.

Actually I don't even expect evidence from you anymore - that's too high a bar. How about a vaguely convincing argument.

While you are at it, show me a single instance where the company has provided guidance it was unable to meet. Let's see an example.

From time to time they have fallen short of lofty market expectations, but never short of their own guidance. It's almost like they have a better view of what is going on in their different markets and channels than you do.

Now my turn to make an argument.

If demand for A2 products in China remains strong, then sales growth in China-based channels will ultimately offset disruptions to growth in daigou in Australia. Daigou are only ultimately servicing Chinese demand. It is simply a question of how quickly the company has been able to pivot towards China-based distribution channels to meet this demand in another way. They have been gradually doing so for some time, but we know they have accelerated this rapidly since June 2020. Distribution in mother and baby stores has increased at least 27% since then, and over 50% since this time last year. New products have also been launched exclusively in the Chinese market in recent months. Lastly, during the VIC lockdown, it appears some corporate daigou have shifted their distribution channels as well, moving more into the cross-border e-commerce space. So IMO while many smaller/retail daigou have perished, the larger ones will probably emerge in a better position and with a more sophisticated operation, which will also benefit A2 in the longer term.