Hard to believe this stock was trading in the high 19s for a...

Hard to believe this stock was trading in the high 19s for a good month back in July 2020.

For it to trade at that price for as long as it did means at least some of the big instos saw intrinsic value at those prices on the assumption that Chinese customers would keep buying infant formula by migrating their behavior from Daigou channels to MBS.

When that assumption was proven false, well the share price speaks for itself.

But if they had that assumption in July 2020, right in the middle of the pandemic, then you can make the long term assumption that when the pandemic is over and buying behaviours go back to how they were pre-pandemic, is it so wrong to think this stock won't be back at $20 some time in the future?

At current prices, you are looking at a 50% margin of safety if you take ~$20 as intrinsic value pre-covid. A lot of deep value investors look for a 50% margin of safety when investing long term in a stock and probably a reason why the stock price has shown support around the $10 level.

My opinion only. DYOR