This week saw Wine Australia announce that Dec-23 export growth had improved significantly against the previous quarter; strong demand from Hong Kong was the standout, with the over $10 a bottle category remaining stronger than the discount end. It was noted that Hong Kong is a major trading hub, and some of the wine may be shipped to other Asian markets. We remain optimistic towards TWE based on our ongoing confidence in its Penfold distribution & pricing growth, plus the positive risk from the potential removal by China of duties on Australian wine, which we don’t believe is reflected in the share price.
- We like TWE initially targeting the $14 area – we own TWE in our Active Growth Portfolio.
MM is long and bullish TWE
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