A2’s China Market Share Aspirations Remain A-OK, with Solid Gains in 1H; FVE Up 5%
The tremendous China growth story continued for narrow-moat a2 Milk in the first half, in line with our longer-term forecasts. But the near-term outlook exceeds our expectations. Revenue from infant formula--the key product in this geography--grew 45% versus the previous corresponding period, or pcp, as the company continued to rapidly expand distribution and gain market share. This improvement outpaces our prior full-year forecast for 27% growth. Moreover, despite management confirming our expe...A2 Milk is principally engaged in the commercialization of a2 Milk™ related products as supported by the ownership of intellectual property that enables the identification of cattle for the production of a2 Milk™. Through its associated companies, Co. is also engaged in the distribution and marketing of a2 Milk™ in Australia and Japan and commercialize the sales and licensing rights for the supply, distribution and marketing of a2 Milk™ in the U.S. Co. products are also sold under the Jalna and Fresha Valley brand names. Co. operates predominantly in New Zealand and Australia.
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