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A2 Milk Co Ltd (A2M) $3.82

A2M has been one of the market’s largest falls from grace over the last 3-years, with the stock back towards 2017 levels. At yesterday’s 2023 AGM, the company reaffirmed guidance; however, the commentary on China from the CEO was bearish, saying the market for infant formula is in steep decline, with the days of the huge sales through Daigou channel appearing to be as broken as Kodak post the Apple iPhone. However, from a value perspective, optimism has largely been removed from the share price, providing more opportunities for positive surprises.

  • We can see A2M continuing to trade between $3.50 and $7.50 through 2024, suggesting that the risk/reward is attractive at current levels.
MM is cautiously bullish toward A2M.
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A2 Milk Co Ltd (A2M)
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