Chart Update, page-1588

I don't think so. I think that ownership has been moving from retail to insto's since that point (retails taking profit and then stop losses being triggered in May. For instance we know that Blackstone has ~5%, therefore there will be many just under the 5%

I believe therefore that the direction and price is now controlled largely by insto's who will move it to their benefit (whatever that is), Also it is being judged against it's peers, i.e. BAL and agricultural commodity companies, (see chart below), and is judged based on them as being overvalued. In my opinion it will not jump the same way it did back in Feb......


UNLESS A2 throws one of it's famous announcements into the mix.....then watch the shorter's squeal...


Source Commsec A2M peer analysis

	{caption}Peer Analysis{/caption}
1			EPS Growth (%) Current	EPS Growth (%)Forecast Y1	EPS Growth (%)Forecast Y2	P/E (x)Current	P/E (x)Forecast Y1	Price Earnings (x)Forecast Yr2	Dividend Yield (%)Current	Dividend Yield (%)Forecast Y1	Dividend Yield (%)Forecast Y2
2	S&P/ASX 300		9.18	11.66	6.85	18.99	19.91	18.32	4.32	4.34	4.52
3	Consumer Staples[/B]		11.59	4.37	8.60	19.35	22.94	20.84	4.25	3.67	3.82
4	mce-anchorA2M[/B]	The a2 Milk Company	184.67	112.56	29.35	80.09	37.68	29.13	0.00	0.43	0.59
5	AAC	Australian Agricultural Co	0.00	0.00	0.00	0.00	0.00	99.61	0.00	0.00	0.00
6	BAL	Bellamy's Australia	-4.70	12.16	19.92	28.62	25.51	21.28	0.00	0.97	1.16
7	BGA	Bega Cheese	440.19	-70.84	17.91	7.53	25.83	21.90	1.32	1.45	1.85
8	CCL	Coca-Cola Amatil	62.48	2.67	4.76	17.82	17.35	16.56	5.04	4.93	5.04
9	CGC	Costa Group Holdings	154.27	23.07	21.72	41.65	33.84	27.80	1.30	1.78	2.17
10	ELD	Elders	264.55	-63.71	7.48	5.50	15.14	14.09	1.93	2.31	2.31
11	FNP	Freedom Foods Group	-74.88	0.00	0.00	153.89	0.00	0.00	0.72	0.00	0.00
12	GNC	Graincorp	190.21	-65.21	19.70	12.05	34.64	28.94	3.99	1.73	1.95
13	ING	Inghams Group	0.00	54.16	-3.33	18.65	12.10	12.52	3.33	5.23	5.23
14	RIC	Ridley Corp	-0.24	-8.10	13.48	16.32	17.76	15.65	3.20	3.01	3.20
15	SHV	Select Harvests	-73.34	83.79	51.86	48.39	26.33	17.34	1.67	2.17	3.33
16	TGR	Tassal Group	26.41	-31.52	9.73	10.86	15.86	14.45	3.33	3.61	3.91
17	TWE	Treasury Wine Estates	29.34	24.40	29.15	46.22	37.16	28.77	1.44	1.74	2.27
18	WBA	Webster	403.29	-66.27	13.43	8.54	25.32	22.33	1.53	1.92	1.92