Excerpt from Bell Potter;
Early signs of life: YOY declines in finished IMF exports from Australia to China (Daigou proxy) continue, however, we have witnessed two sequential monthly gains since the Dec’20 lows. This uplift has occurred in a period we typically wouldn’t expect to see this. When viewed in conjunction with a reduced infill, this could imply the early stages of inventory levels beginning to recede. China distribution expanding: Total offline distribution points looked to approach ~30k in the March quarter. At this level, A2M’s offline presence is still materially below that of H&H (~80k) and Feihe (~110k). The runway in distribution expansion has the scope to mitigate the headwinds of declining China births (-15% YOY in CY20). For more information see research 13 Apr 2021.
Media Updates, page-8415
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