Its Over, page-237

Another sterling set of results from A2 Milk (A2M). The growth experienced is fantastic considering it is from a fairly large base,
Revenue grew 68% , EBITDA grew 101% and NPAT grew 116% with Cash in Hand of $340m. And a large part of contribution came from infant formula sales in China with China/Asia revenues growth of 163% from $93m to $234m. A2M is now an iconic milk brand in China in a country that now associates Australia with safe and reliable milk powder. As Middle Kingdom is huge in terms of population, the growth is just the beginning as A2M makes further penetration into the Chinese market going forwards. Guidance provided has been for higher projected revenue growth although no specific financial guidance target range was offered.

A2M is amongst stocks that directly benefit from a growing middle class Chinese market - others include NZK (NZ Salmon) and CGC (Costa Group)

	Column 1	Column 2	Column 3	Column 4	Column 5
0	COVERAGE DATE	STOCKS	PRICE ON COVERAGE DATE	PRICE @OPEN	GAIN%
1	20/8	NGI	$ 5.810	$ 5.930	2.1%
2	8/8	SFC	$ 15.050	$ 17.000	13.0%
3	6/8	CGL	$ 7.080	$ 7.320	3.4%
4	31/7	MYE	$ 1.180	$ 1.450	22.9%
5	30/7	MP1	$ 4.370	$ 4.020	-8.0%
6	26/7	SKF	$ 0.150	$ 0.170	13.3%
7	24/7	ZEN	$ 1.060	$ 0.980	-7.5%
8	23/7	CXL	$ 0.630	$ 0.835	32.5%
9	17/7	COE	$ 0.445	$ 0.455	2.2%
10	13/7	SHL	$ 26.500	$ 25.410	-4.1%
11	29/6	BYE	$ 0.340	$ 0.290	-14.7%
12	28/6	ATC	$ 0.195	$ 0.155	-20.5%
13	18/6	A2M	$ 10.780	$ 10.600	-1.7%
14	18/6	CGC	$ 8.750	$ 8.490	-3.0%
15	14/6	NZK	$ 2.240	$ 2.600	16.1%
16	4/6	BUB	$ 0.830	$ 0.625	-24.7%
17	15/5	SW1	$ 0.410	$ 0.355	-13.4%
18	14/5	RHC	$ 65.420	$ 56.450	-13.7%
19	9/5	FYI	$ 0.145	$ 0.072	-50.3%
20	3/5	4DS	$ 0.057	$ 0.120	110.5%
21	2/5	PME	$ 8.150	$ 9.130	12.0%
22	1/5	TTT	$ 1.540	$ 1.950	26.6%
23	30/4	CTD	$ 24.880	$ 30.720	23.5%
24	18/4	CLV	$ 1.030	$ 1.525	48.1%
25	18/4	VIV	$ 0.054	$ 0.042	-22.2%
26	11/4	APX	$ 8.820	$ 12.000	36.1%
27	11/4	BHP	$ 29.440	$ 32.130	9.1%
28	11/4	PPS	$ 0.595	$ 1.010	69.7%
29	11/4	PTB	$ 0.545	$ 0.635	16.5%
30	Return @	8.77%	assuming @ $1k even per stock