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  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
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  "presentationDate": "2016-12-16 00:00:00",
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      "text": "Huishan’s expectation of rising prices appears to be at odds with that of their competitor Yili, which is also its largest external customer for raw milk.",
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      "text": "Fair value of milkable cows Rmb/head; Annual income per head Rmb/head",
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      "text": "Huishan's expectation of rising prices appears to be at odds with that of their competitor Yili, which is also its largest external customer for raw milk. According to Yili's 1H 2016 results call at the end of August 2016, the Yili's management did not yet see the turning point in milk prices, and even considered some minor declines still possible.",
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      "text": "Huishan claims at the end of the 1H17 interim report p. 64 that “currently, the global milk industry is recovering, [and] the domestic raw milk prices started to rebound” and points to new contracts signed with “several large scale dairy product enterprises” at a higher price as evidence of that. — Huishan 2015/16 Annual Results Announcement, June 2016, slide 15",
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