Galaxy Securities says July domestic fresh milk prices rose 0.3% YoY, the first
positive reading in nearly five years, indicating a gradual supply–demand
rebalancing. Raw milk prices began rising in March, reinforcing signs of a
cyclical trough and recovery. Given current milk-source structure and downstream
demand rebound, Galaxy expects the post-turn growth path may mirror 2016 — a
modest, gradual uptrend — which should ease downstream competition, reduce
impairment losses and support earnings recovery at related listed companies.
