At-Tahur Limited (PREMA): Opportunity in niche segment, challenges remain – By BMA Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We recently met the management of At-Tahur Ltd (PSX Ticker: PREMA), a dairy player focused on cow pasteurized milk &amp; dairy products. PREMA commands 54% market share (value terms) in a niche segment, which has defied general slowdown in sales in UHT milk.&nbsp;</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">PREMA has delivered an impressive sales growth (3-Yr CAGR of 25%) supported by its unique business model. Sales outlook remains positive as PREMA enters another round of herd expansion (18% of existing herd size) partially funded by IPO proceeds.&nbsp;&nbsp;</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">PREMA relies 100% on its farm milk from high yielding Australi...