The Chinese Infant Formula Market Remains a High Growth Opportunity for a2, Despite Near-Term Risks
Concerns over increasing infant formula competition and upcoming e-commerce law changes in China have driven down narrow-moat a2 Milk's share price nearly 20% over the past three months. While we see potential short-term volatility from these factors, we remain confident in the long-run growth potential in Chinese infant formula, highlighted by strong results in the first four months of fiscal year 2019. Although we’ve lowered our fair value estimate to NZD 13.70 (AUD 12.90) from NZD 14.60 (AUD ...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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