Ausnutria (1717.HK) Own-branded goat milk powder business with fast growing trend; planning to repurchase shares in the open market November 28, 2019 156

PSR Recommendation: BUY Status: Upgraded
Target Price: HKDHKD15.70

Investment Summary
Ausnutria has announced financial results for the nine months ended 30th September 2019,
with revenue increased by 23.9% y.o.y, mainly due to the growth of its own-branded formula
goat milk powder and cow milk powder, which increase by 40.3% and 30.6% respectively.
The percentage share of own-branded business to total revenue increased by 7.3ppt. y.o.y. to
87.7%. Revenue growth recorded 28.3% y.o.y. during Q3. Nutrition products and private
label and others businesses, decreased by 23.1% , as a result of the company’s strategy to
prioritise more of its resources to better serve its own-branded business.

About the author

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Tracy Ku
Investment Analyst

Graduated from Chinese University of Hong Kong, majoring in Economics for Bachelor Degree, and Journalism for Master Degree. Worked in financial news industry for more than four years.
Currently cover retailing, property sectors and IPOs. Good at analysis for the companies with economic policies and industry prospects.

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