https://www.nzherald.co.nz/business/...CNGFM5CRFAK3A/
paywalled
Must be getting close to capitulation when just about every broker & institution cannot see much upside for ATM :
"Australian brokerage Morgans said e-commerce pricing of infant formula in China does not appear to be materially improving and Australian stores are discounting products to clear ageing inventory."
"On the macro front, our analysis highlights the China infant formula market - mostly due to declining birth rates - has shifted from a growth industry into volume decline," Jarden said in a research note.
"Whilst not new, when coupled with Covid disruption to cross-border trade and stronger competition, these prior macro tailwinds have turned to headwinds, raising the execution risk of a2 Milk returning to its previous strong growth story," Jarden said.