Accordingly to FNarena Ord Minnett, Citi, Morgan Stanley and CLSA are all still bearish; Morgan’s neutral while UBS are believers:
“UBS suggests, as it indicates a2 Milk is not discounting its product in order to create more volume, amid some concerns about inventory levels. UBS has become incrementally more positive after channel checks regarding inventory levels.The main issue the company faces is about what is a realistic long-term share of the Chinese infant formula market and what level of profitability can be achieved. UBS forecasts long-term share of 11% and group operating earnings margins of 30%. This should mean this business delivers around 16% five-year compound growth.”
Can’t believe how incompetent some brokers are but do like UBS comments despite the pain they have caused us.
Accordingly to FNarena Ord Minnett, Citi, Morgan Stanley and...
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