New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Kantar data provides an indicator of brand strength for The a2 Milk Company (ATM) and its key competitors in the infant formula (IF) segment, capturing purchasing habits for a sample of consumers across Urban China.</li><li>February data (four week period ended 23 February 2024) was weak for the industry, and ATM's market share cycled off recent highs, but rolling trends remain constructive.</li><li>FY24 year-to-date data is tracking modestly ahead of consensus expectations and company guidance, but we caution: (1) comparable periods get harder over the next two months, (2) its start to 2H24 is modestly behind its strong end to 1H24, and (3) the inherent volatility in the data. </li></ul>

Kantar data provides an indicator of brand strength for The a2 Milk Company (ATM) and its key competitors in the infant formula (IF) segment, capturing purchasing habits for a sample of consumers across Urban China.February data (four week period ended 23 February 2024) was weak for the industry, and ATM's market share cycled off recent highs, but rolling trends remain constructive.FY24 year-to-date data is tracking modestly ahead of consensus expectations and company guidance, but we caution: (1) comparable periods get harder over the next two months, (2) its start to 2H24 is modestly behind its strong end to 1H24, and (3) the inherent volatility in the data. 

A2 Milk Co Ltd

The A2 Milk Company - Kantar Data Check