After a tough 2020, goat infant formula company Nuchev (ASX:NUC) recorded the biggest gain for ASX milk stocks in January.

The company listed at $2.60 in December 2019 but lost much of its ground throughout 2020, falling to under $1. But in January Nuchev’s share price began to recover and it capped off the month with a solid quarterly.

Its net revenue improved 118 per cent over the prior quarter. Nuchev noted that daigou activity was beginning to recover and it saw solid growth in the cross border e-commerce channel.

Code Company Price MktCap %Mth %Yr
NUC Nuchev Limited 1.26 $47.7M 36 -64
BUB Bubs Aust Ltd 0.68 $419.8M 14 -16
HVM Happy Valley 0.19 $32.6M 12 -3
HRL Hrlholding 0.145 $69.2M 4 16
BFC Beston Global Ltd 0.067 $42.8M 2 -21
WHA Wattle Health Au Ltd 0.53 $129.4M 0 0
AHF Aust Dairy Group 0.059 $26.0M -2 -39
KTD Keytone Dairy 0.24 $59.0M -4 -39
A2M The A2 Milk Company 10.55 $7.8B -8 -27
BXN Bioxyne Ltd 0.011 $7.0M -8 -35
CLV Clover Corporation 1.51 $256.9M -9 -43
SM1 Synlait Milk Ltd 4.39 $959.6M -11 -49
AUK Aumake Limited 0.057 $29.8M -14 -37
MBH Maggie Beer Holdings 0.39 $79.7M -20 144
JAT Jatcorp Limited 0.019 $23.0M -24 -62
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Other winners among dairy stock

The next biggest winner, after Nuchev, also has a foot in the goat milk game – Bubs Australia (ASX:BUB).

It’s quarterly gross revenue came in at $12.8 million, up 36 per cent from the September quarter although down 12 per cent from the previous December quarter.

Bub’s goat dairy products did particularly well, with its sales surging 45 per cent last quarter.

Another winner was industry newcomer Happy Valley Nutrition (ASX:HVM) which gained 12 per cent. This company is an industry aspirant, having not even built a facility, but it met some targets including deciding on the site and gaining approval from New Zealand’s Overseas Investment Office (the Kiwi equivalent of the Foreign Investment Review Board).

Turning to the other end and firms reliant on the daigou trade didn’t do so well including industry giant A2 Milk (ASX:A2M) and daigou store AuMake (ASX:AUK).

AuMake has never fully recovered from its fall during COVID-19 despite making attempts to pivot its business model online.

A2 meanwhile shrugged off the impact initially but has begun to decline at the back end of 2020 when a key corporate daigou client was hit by Melbourne’s COVID-19 lockdown.

After being a winner for several months, Maggie Beer Holdings (ASX:MBH) retreated by 20 per cent but is still the sector’s biggest winner on a 12-month basis – sitting 144 per cent higher.