Demography (and Domino’s)

Despite yields rocketing higher, it is worth remembering that the demographic impulses that took rates from double digit to zero over 30 years are still with us, even as they cyclically reprice from a pandemic related overshoot.


The China demographic story is an absolute nightmare.

A2M vs Domino’s

Thinking about A2M alongside something like a DMP. Is it cheap (A2M’s case, lowest in half a decade)..? Don’t know really.

Major headwinds (COVID, daigu channel, channel stuffing, freight/logistics costs) & still on 32x forward PE. DMP has headwinds on the rates/COVID-beneficiary-normalisation side, A2M on consumer preference shift/replacement & -ve demographics.

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