Capital Raising Offer to Limited Parties, page-67

I think BUB still has a good chance to win in the long run especially the board takes a CR.


BUB $1.2m sales (July-Aug)
WHA $530k sales at (July-Aug)

BUB started selling infant formulas more than three years earlier.
BUB, $1.2m sales, infant formula revenue accounts for 65%, so annual run rate for IF, is about $5m, average daily volume would be 600-700 tins.
The last 59 days sales, are well short of my expectation (double manufacturing costs, but cash revenue for current quarter might be only up about 10% to $2m). This double manufacturing costs were the driver of this huge spike from 30c, but didn't eventuate.

WHA, only started selling last year.
Only started selling at IGA July, not like BUB having 801 stores Coles, BigW, Chemist Warehouse, & Pharmacies.
But WHA is under trial at 100 Aiyingdao stores.
The last 60 days infant formulas sales: $530k, annual run rate is $3.2m, average daily volume would be around 535 tins.


BUB has double sales of WHA based on these two month period, yet the market cap is just barely ahead even at share price of 61.5c.

Have a look their reporting style, they stated, 33% growth, 17% growth for the quarters, but in fact only up 4% for the year. A bit cherry-pick reporting style, imo.


Only difference is WHA has license all sorted. WHA probably has better distribution line set up in China

Agreed.



however BUB is more established in Australia and only now starting overseas expansion. We have yet to see the true potential.

Agreed.
Although Australia didn't perform well.


Do you honestly think BUB will not get license sorted out by end of Q2?

I've been as objective as possible on posting here.
I believe BUB should be able to secure a CNCA facility, might ask WHA & its partners to give BUB one slot.

CFDA application is scheduled to be lodged by 31 December 2017, it's a good move, but a bit late as the new legislation effects 1 January 2018. They still can sell for those formulas imported before 1 January 2018.


I hope both company will do well in the long term - better an Aussie company than an European or US

Agreed.
All the best to both company's holders