November wasn’t a great month for ASX dairy stocks, which mostly underperformed or even went backwards during the local bourse’s best months in 32 years.

Overall the All Ordinaries gained 10.8 per cent from the period from November 2 through yesterday, beating all but two of the market’s dairy stocks.

The biggest gainer was Maggie Beer Holdings (ASX:MBH), which has soared 53.7 per cent to a more than two-year high of 51.5c.

MBH shares were up 10 per cent yesterday and have tripled for the year, as institutional investors such as Ellerston Capital and Perennial Value Management have taken stakes in the premium cheese, dairy and food company formerly known as Longtable Group.

In its last trading update, on October 15, the company said it had achieved 19.2 per cent growth on the first quarter, compared to a year ago. It launched a new e-commerce platform last month and has recently partnered with food delivery company Marley Spoon (ASX:MMM).

Another strong performer was Keytone Dairy (ASX:KTD), whose shares were up 20.9 per cent – although they’re still down 34.2 per cent since the start of 2020.

For the six months ending September 30, the Kiwi milk and protein powder manufacturer said its revenue had risen 233 per cent to $24.5 million, compared to a year ago.

Chief executive Danny Rotman called it a “half like no other” as the company managed to grow despite the challenges from the pandemic, although it is not yet profitable.

Here’s a list of all small cap dairy stocks on the ASX and their performance

Swipe or scroll to reveal the full table. Click headings to sort.

Code Description Price % Change 1 Month % Change 1 Year MktCap
A2M The A2 Milk Company 13.48 -1 -9 $10.1B
AHF Aust Dairy Group 0.082 -1 -22 $30.1M
AU8 Aumake Int Ltd 0.074 -3 -33 $27.3M
BFC Beston Global Ltd 0.083 -1 -8 $50.0M
BUB Bubs Aust Ltd 0.67 -3 -38 $419.8M
BXN Bioxyne Ltd 0.012 -20 -20 $7.0M
CLV Clover Corporation 1.76 -1 -38 $296.0M
HRL Hrlholding 0.12 9 9 $61.7M
HVM Happy Valley 0.13 -13 0 $22.3M
JAT Jatcorp Limited 0.022 0 -56 $22.3M
KTD Keytone Dairy 0.26 21 -35 $65.4M
MBH Maggie Beer Holdings 0.52 55 206 $94.4M
NUC Nuchev Limited 1.13 -21 0 $45.3M
SM1 Synlait Milk Ltd 4.97 -1 -44 $1.1B
WHA Wattle Health Au Ltd 0.53 0 0 $129.4M

On the flip side, shares in dairy goat formula company Nuchev (ASX:NUC) declined 21.1 per cent for the month and are down 68 per cent for the year.

The company listed on the ASX in December 2019 after a $2.60 IPO. Its shares were trading at $1.12 yesterday.

Chairman Justin Breheny told investors at the company’s annual meeting last month that while the pandemic had caused once-in-a-generation challenges for the China-focused company, Nuchev had delivered an impressive financial performance in FY2020 including 98 per cent revenue growth.

“Significant growth opportunities remain in the global goat infant formula category, and I, along with the board, hold great confidence in Nuchev’s continued success,” he said.