Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

Fonterra Shareholders Fund / Equity Bottom-Up

The quote is by Helen Hayes and suits Fonterra, a New-Zealand listed dairy co-operative with a long history of developing products and markets since the 1960s. Today, the Co-op's products enjoy a strong reception in Asia, but this is not reflected in its valuation. At a 6.6% dividend yield, it is hard to pass up the Crème de la crème.In this piece, I will discuss the following: 1. The company's history and portfolio of brands 2. Its improving margins from a five-year perspective, if we look past near-term volatility 3.  How sales to Greater China are picking up the drop in Latam, and set to grow further.

The quote is by Helen Hayes and suits Fonterra, a New-Zealand listed dairy co-operative with a long history of developing products and markets since the 1960s. Today, the Co-op's products enjoy a strong reception in Asia, but this is not reflected in its valuation. At a 6.6% dividend yield, it is hard to pass up the Crème de la crème.In this piece, I will discuss the following: 1. The company's history and portfolio of brands 2. Its improving margins from a five-year perspective, if we look past near-term volatility 3.  How sales to Greater China are picking up the drop in Latam, and set to grow further.

Inner Mongolia Yili Industrial Group (A) (600887 CH)

Age Is Not Important Unless You're a Cheese: Buy an Aged Dairy Co At 12X PE and 6.6% Div Yield