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Wattle Health Australia Limited (ASX: WHA) is a global company which deals in high-quality organic products to encourage health and wellness. To attain quality, the company uses natural ingredients derived from Australiaâs clean air, pure water and organically fertile soils. It also uses fertilisers and pesticides free certified organic ingredients, wherever possible.
Corio Bay Dairy Group Update:
On 23rd May 2019, the company provided an update on the developments taking place in Corio Bay Dairy Group (CBDG) and first dedicated organic nutritional spray dryer in Australian region, constructed by it. The head builder, George Rydell Constructions is continuing the construction work at CBDG and is currently installing evaporator building, along with steel works for the dryer to lay concrete on the first two levels of the building.
During the impending weeks, the company will begin installing concrete panels of the dryer and the evaporator building. This will commence before the arrival of the first shipment of the dryer/evaporator equipment from overseas in late July 2019.
In the prior update on CBDG, released on 14th May 2019, the company had mentioned about recommencement of site construction and land stabilisation work apart from other pointers.
About Corio Bay Dairy Group:
Corio Bay Dairy Group (CBDG) is a Joint Venture between the Organic Dairy Famers of Australia (ODFA), Niche Dairy and Wattle Health. At present, the Joint Venture is concentrating on building the first dedicated organic nutritional spray dryer in Australian region. According to the agreement, Wattle Health would receive an exclusive supply of all products produced by CBDG, which would be utilized in Wattle Healthâs nutritional dairy range.
About ODFA:
ODFA is a co-operative owned by farmers and was established in 2001 to develop organic dairy farming in Australia. Through organic dairy farming, the aim was to maximise the organic farm-gate milk price for co-operative members and to differentiate from the dairy products sold in the commodity markets.
ODFA beats the competition when it comes to supplying organic milk produced in Australia,since farmers of ODFA have certified organic and bio-dynamic farms throughout the Victoria region. Apart from the farms, the farmers of ODFA are certified organic and must comply with a strict set of standards. They do not use artificially produced pesticides, fertilisers etc. and their cows are fed on pasture, completely free from GMO. All these practices, coupled with long-term concerns about the herdâs welfare and health of the land, results in contented cows producing remarkable tasting organic milk and dairy products made from it.
Technical outlook:
On 30th July 2018, the companyâs stock peaked at A$1.655 and is trading at A$0.72 (AEST 3: 42 PM, 23 May 2019). During the correction period, the stock had touched its upper trendline quite a few times, making it a strong resistance. As on 23rd May 2019, the resistance seems to be around A$0.8.
Stock Performance:
The company has a market capitalisation of A$131.29 million, and the stock had touched a 52-week high and low of A$1.884 and A$0.65 respectively. The stock made an intraday high of A$0.72 and currently trading at the same price of A$0.72 as on 23rd May 2019 (AEST 3:42 PM). The last one-year return of the stock is negative 55.4%, and the YTD return stands at negative 25.8%.
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