ASX dairy stocks had a subtle month in September, experiencing a 4 per cent decline.

But arguably the biggest surprise was that industry leader A2 Milk (ASX:A2M) was among the laggards rather than the leaders, falling by 20 per cent.

But A2 fell last week after telling shareholders it was witnessing a fall off in its ‘daigou’ (which means to by on behalf of) trade.

Here are all ASX dairy stocks and their performance in September:

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Code Description Price % Change 1 Month % Change 1 Year MktCap
AU8 Aumake Int Ltd 0.082 37 -34 $26.4M
BFC Beston Global Ltd 0.1 20 -17 $58.4M
FSF Fonterra Share Fund 3.75 4 21 $378.0M
WHA Wattle Health Au Ltd 0.53 0 0 $129.4M
HRL Hrlholding 0.105 0 -5 $51.8M
AHF Aust Dairy Group 0.062 -3 -52 $23.4M
CLV Clover Corporation 2.08 -3 -30 $329.3M
NUC Nuchev Limited 1.89 -6 0 $74.3M
JAT Jatcorp Limited 0.024 -8 -57 $23.8M
KTD Keytone Dairy 0.22 -8 -53 $55.2M
SM1 Synlait Milk Ltd 5.18 -9 -39 $928.8M
MBH Maggie Beer Holdings 0.24 -13 45 $49.7M
HVM Happy Valley 0.165 -13 0 $29.2M
A2M The A2 Milk Company 14 -20 15 $10.4B
BUB Bubs Aust Ltd 0.73 -20 -45 $449.9M
BXN Bioxyne Ltd 0.012 -20 -33 $7.0M

The winners

Conversely, the leading stock in September has spent much of 2020 as a laggard for the same reason A2 fell last month.

AuMake (ASX:AU8), which runs brick and mortar stores and an ecommerce platform, had a tough start to the year. The drying up of tourism had the same effect on the daigou trade, which is important for AuMake.

But the company has gradually recovered because it has still been able to reach customers online.

In fact, its revenue and gross profits increased compared with the year before.

While the company has had no news in the last month other than an escrow release, the positive earnings result was good enough to continue the momentum.

The other noteworthy winner was Beston (ASX:BFC). It too has had little news since its results in August, but just like AuMake the company witnessed an increase in its earnings and revenues.

In June it sold its dairy farm in South Australia for $40m while retaining the rights to 100 per cent of the dairy supply from that farm for the next decade. It has also received takeover interest this year.

The one other winner among ASX dairy stocks in September was Fonterra (ASX:FSF). The stock, which is New Zealand based, gained a modest 4 per cent.

As it uses a financial year of August 1 to July 31 it only reported its results a fortnight ago, revealing a 5 per cent rise in revenue and a shift from a $122m loss to a $659m profit.