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a2 Milk (A2M) $6.71

In August A2M Finally delivered some good news with a solid FY22 result plus an encouraging $150mn buyback, the stock has subsequently ground higher since. Sales are expected to be up by high single digits in FY23 and any improvement in Chinese trade may finally see some opening up of the previously huge Daigou on selling channels although it’s hard to imagine them getting close to previous levels – but a positive all the same.

  • We can see A2M testing the $7.50-$8 region into 2023 but a dip back towards $6.50 would make the risk/reward particularly appealing.
MM likes A2M as an aggressive recovery play
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a2 Milk (A2M)
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