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Potential Buy Entry Alert to Watch SM1
Time Frame : Weekly
Sector : Food, Beverage and Tabacco/Consumer Defensive
Key Stats : $1.56 Billion Market Cap, VWAP 8.95, ASX Ranking 197, 4 Week Av Turnover $510,945, Current Turnover (Intraday as at time of alert) $558,855.
Company Overview : Synlait Milk Limited (SM1) is a dairy processing company based in Canterbury, New Zealand. The company also sales its products in China, Rest of Asia, Middle east and Africa and Rest of world. The company manufactures and sales a range of milk powder and milk powder related products including infant and adult nutritional formulations, functional food ingredients, and specialised products.
Broker Consensus : BUY/HOLD
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SM1 – Synlait Milk Limited
SM1 has some long term interest as buyers support price above 8.00. SM1 had some positive news out today regarding A2M extending supply agreements with Synlait so we see this as supportive to longer term buyers. The action opened higher today but found some selling so we see price still has some work to do to hold the level. Watching now for a pickup in volume for a higher low to hold and break up through 9.50.
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Stock Code : SM1 – Synlait Milk Limited
Company Website : www.synlait.com
Current Price : 8.88
Status : On watch for potential higher low and push up through 12.00
