Almost all ASX infant formula stocks recorded gains in April after plunging heavily in March.

In April, the average infant formula stock gained 21 per cent and only two stocks finished the month in negative territory.

In May, the list of winners was smaller with only five stocks in the green.

Code Name Price (I) 1Y % Return 1M % Return Market Cap
BXN BIOXYNE LTD 0.012 -13 33 $9.0M
BUB BUBS AUSTRALIA LTD 1.07 -13 20 $599.5M
CLV CLOVER CORP LTD 2.34 11 15 $395.8M
AU8 AUMAKE INTERNATIONAL LTD 0.059 -59 9 $19.3M
SM1 SYNLAIT MILK LTD 6.55 -20 4 $1.1B
A2M A2 MILK CO LTD 17.31 18 -4 $13.1M
NUC NUCHEV LTD 2.92 12 -5 $130.5M
AHF AUSTRALIAN DAIRY NUTRITIONAL 0.075 -60 -9 $28.6M
HVM HAPPY VALLEY NUTRITION LTD 0.2 0 -9 $44.6M
JAT JATENERGY LTD 0.043 -22 -12 $40.2M
LON LONGTABLE GROUP LTD 0.12 -43 -14 $26.9M
HRL HRL HOLDINGS LTD 0.086 -36 -16 $41.0M
KTD KEYTONE DAIRY CORP LTD 0.285 -51 -22 $74.1M
BFC BESTON GLOBAL FOOD CO LTD 0.05 -57 -32 $25.4M

The top winner on this list was one of the most peculiar — Bioxyne (ASX:BXN) which makes gut-friendly supplements for infant formula.

Bubs Australia (ASX:BUB) continued to see strong sales despite COVID-19, making record quarterly revenues of $19.7 million.

In May it announced a new supply agreement with Coles adding a third product to its mix – namely its Grass Fed Infant formula to complement Goat Milk and Organic Toddler Snacks.

It also unveiled a supply agreement with fellow ASX small cap Baby Bunting (ASX:BBN) to retail 16 of its products.

Clover Corp (ASX:CLV) likewise reported strong demand during COVID-19 with consumers stockpiling its infant formula products.

While the company has not given a specific forecast, it told shareholders a fortnight ago it expects the second half of the financial year to be stronger than the corresponding period last year.

Daigou store operator AuMake (ASX:AU8) was forced to close its stores in March but re-opened them in May; all while maintaining its digital presence that saw it through the crisis.

The company expressed hope that eventually tourists from Asia could return to Australia but in the interim they could still be reached online.

New Zealand based Synlait Milk (ASX:SM1) was also a winner.

Synlait’s gain came despite telling shareholders last week it was forecasting milk prices to fall in the coming year, and New Zealand’s COVID-19 restrictions leading to a legal case over its land development being delayed.

It is seeking the removal of covenants over the 28 hectare block it bought in the Waikato district for a manufacturing plant which it says hinder development.

On a yearly basis, the top performing stock is also the largest – A2 Milk (ASX:A2M) despite seeing a slight fall in May.

It last gave a trading update in late April where, similar to Clover and Bubs, it indicated trading was above its expectations although was unable to give a concrete estimate for its revenue and earnings.