GROUP ESSAY STRATEGIC MANAGEMENT TOPIC ANALYSIS SFAS TABLE OF TH TRUE MILK

MINISTRY OF EDUCATION & TRAINING BANKING UNIVERSITY OF HO CHI MINH CITY oo0oo GROUP ESSAY STRATEGIC MANAGEMENT TOPIC ANALYSIS SFAS TABLE OF TH TRUE MILK Group 07 Class: MAG313_2111_6_L09_TA Trần Thị Thùy Dương – 050606180073 Nguyễn Đức Huy – 030805170303 Phạm Lê Quỳnh Hoa – 050606180118 Nguyễn Thị Phương Thảo – 050606180363 Nguyễn Trần Xuân An – 030334180002 Ho Chi Minh City, October 2021 0 TIEU LUAN MOI download : skknchat123@gmail.com TABLE OF CONTENTS ABOUT TH CORPORATION WHAT IS SFAS? Finance Brand Positioning .9 Production Technology 11 Products less variety .13 Dairy industry still has potential for development 14 Market entry barrier 16 Substitutes 17 Competitors 19 CONCLUSION .22 REFERENCE 23 0 TIEU LUAN MOI download : skknchat123@gmail.com TABLE OF FIGURES Table Vietnam dairy market revenue forecast for 2020-2025, source Babuki .15 Table Milk nutrition chart, source Brands Vietnam 18 Table Dairy industry market share in 2020, source SSI research 20 0 TIEU LUAN MOI download : skknchat123@gmail.com ABOUT TH CORPORATION TH true MILK full name is TH dairy food joint stock company, under the management of TH Group The business was established in 2010 with financial advice from Bac A Commercial Joint Stock Bank TH true MILK's policy is to place the group's own interests in the common interests of the country, not seeking to maximize profits but rationalizing benefits with core values [CITATION THG \l 1066 ]: For true happiness For public health Completely from nature Environmentally friendly - Out-of-the-box thinking Harmony of interests Although only established for more than 10 years, TH true MILK has achieved success and contributed a lot to society with times being honored as National Brand, winning the Asia-Pacific International Quality Award [CITATION Tha21 \l 1066 ] 2021, becoming the first Vietnamese enterprise to export fresh milk to China [CITATION THG1 \l 1066 ] The Group also cares and contributes to the environment when co-founding the Vietnam Business Alliance for the Environment, is a key member of the Vietnam Packaging Recycling Alliance (PRO Vietnam) with 18 companies and groups leading groups such as Coca-Cola, La Vie, NutiFood, Saigon Co.op, [CITATION Pac \t \l 1066 ] 0 TIEU LUAN MOI download : skknchat123@gmail.com TH true MILK is still continuing to carry out its mission for public health with products that meet the criteria of clean, organic and good for customers health WHAT IS SFAS? The SFAS (Strategic Factors Analysis Summary) Matrix summarizes an organization's strategic factors by combining the external factors from the EFAS Table with the internal factors from the IFAS Table The framework generates an insightful snapshot of the prevailing, holistic strategic equation for each company by identifying, weighing, prioritizing & ranking significant strategic factors present in the internal & external environment When hear about the definition of SFFAS, we tend to think of the SWOT matrix when both refer to the strengths, weaknesses, opportunities and threats that business has faced SWOT and SFAS both presenting factors very clearly, easy to see and easy to understand the results The preparation and completion of these two matrices also does not take too much time when mainly based on the subjective opinion However, this also leads to the fact that the results of SWOT and SFAS are not highly authentic when there are not many studies and investigations to verify the factors of the enterprises mentioned At the same time, both not have a clear analysis between strengths, weaknesses, opportunities and threats without considering the relationship between factors, when a factor can be both a strength and a threat Weaknesses, or opportunities are also challenges of the company SWOT and SFAS also have obvious differences when: 0 TIEU LUAN MOI download : skknchat123@gmail.com SWOT SFAS Do not calculate weight based on the Weighted based on the importance of the importance of factors factors Do not rank the rating of each element Rating each element Present all four factors in turn, but not There are comments to help readers easily summarize the problem grasp the issue after each mentioned element The maximum number of factors to be Specify up to 10 factors, placing the focus considered is not specified and most important factors on the IFAS and EFAS tables  SFAS Table Strategic Factors Finance Weight Rating 13 Duration Weighted Score Comment Short Intermediate Long 52 X Organizing capital mobilization for businesses and ensuring that business and 0 TIEU LUAN MOI download : skknchat123@gmail.com investment operations are conducted on a constant and continuous manner Assert the Brand Positioning 11 55 X product's worth and the company's clout Brings tangible benefits to Production Technology businesses, 13 65 X creating greater profits while still meeting client demands TH true MILK Products less variety 10 27 has only a few X basic types of milk TH true MILK's Price 09 4 X products have high prices 0 TIEU LUAN MOI download : skknchat123@gmail.com The country' s overall market The dairy size grew industry still has 12 60 X through the year of the epidemic potential to Export output develop output New businesses want to join the milk market in Market entry 10 40 X vietnam facing many barriers to barrier barriers Many are headed Substitutes 09 36 X for milk substitutes for various reasons Products ideas Competitors 12 48 X are easily imitated and dumped Total 1.00 4.23 0 TIEU LUAN MOI download : skknchat123@gmail.com Finance Weight – 0.13 In today's business activities, finance helps businesses: Control the financial flow of all business activities or production of the organization: Perform currency checks and conduct regular and continuous analysis of financial indicators Specifically, those criteria are: financial structure, solvency, performance and use of financial resources; specific indicators of profitability Leverage stimulates and regulates business activities: The distribution function of corporate finance in accordance with the law will make corporate finance become an economic lever that affects productivity growth and profit compared to invested capital Deciding on investments and funding: Planning is not enough, leaders or financial managers must decide on effective methods of implementation, and identify investments and finance investments in assets, technology, people, etc how to be reasonable From there, profits can be grown appropriately compared to the investment in fixed assets, machinery or from upgrading current production technology to meet market demand Closely monitor and inspect all aspects of production and business activities of enterprises: Through the form, daily monetary expenditure, financial situation and the implementation of financial targets Business leaders can generalize and control all aspects of business activities, timely detect problems in business From there, making decisions to adjust activities in accordance with actual developments Rating - The investment in building the largest dairy factory in Southeast Asia helps TH Milk to have rapid development steps Launched in October 2009, TH quickly left its mark on the Vietnamese dairy market with the strategy of "True milk - real milk" This business accepts a huge initial investment to build a feed area, build a herd of cows, production, and a distribution and retail system in the market 0 TIEU LUAN MOI download : skknchat123@gmail.com In addition to capital from shareholders, the group received loans from BIDV and Vietnam Development Bank (VDB), Nghe An branch and Hai Phong bank (Maritime Bank) TH Milk also received investment advice from Bac A Bank, where Ms Thai Huong is the General Director This bank used to be a shareholder, holding 7% shares of TH Food Milk company according to a 2014 report In addition, TH Milk is also supported by the Israeli Government with an investment package worth 100 million USD Among the companies operating the dairy business, TH Milk Food has the largest charter capital of 3,800 billion VND, the other two companies have a charter capital of only a few hundred billion [CITATION TheLeader2018 \l 1033 ] It is clear that the IPO plan in the next few years will solve the problem of financial resources for the group's ambitious dairy business both at home and abroad Brand Positioning Weight – 0.11 In the first step of building, brand positioning aids businesses in identifying competitors and market trends Following that, brands devise unique tactics for effectively reaching customers and ensuring smoother communication operations In addition, brand positioning is a useful tool for future business expansion You don't have to invest a lot of money to establish a brand strategy and earn a good reputation with clients A good positioning signifies that the brand occupies a specific space Customers will always prefer a respectable brand over one that simply talks about speculative profit margins As a result, brand positioning will attract loyal customers, providing a strong basis for future growth 0 TIEU LUAN MOI download : skknchat123@gmail.com Vietnam that is allowed to write on the packaging as clean fresh milk [CITATION BáoTP2018 \l 1033 ] To maintain its brand position, TH Group has proven it with its products, not just meaningless brand promises spread on social networks Production Technology Weight – 0.13 Applying new technological processes and modern technologies in the production process brings competitive advantages to many enterprises, helping them to assert their position in the market When new food products are created according to technological standards, the quality meets the standards to serve the maximum needs of users, thereby attracting the number of customers to help increase revenue every day Besides that; The application of modern technological processes helps businesses reduce labor costs, minimize labor costs and high productivity The production capacity of an enterprise is not consistent with the size of the enterprise but is assessed through the efficiency criteria of the production and business process That means that a small-scale enterprise can be assessed as having production capacity in parallel with a large-scale enterprise Enterprise production efficiency depends on many factors in which: machinery and equipment have a direct impact on the production process Therefore, it is important for every business to modernize machinery and equipment or to innovate modern technology, and at the same time, it needs to develop its own technology innovation plan to survive and develop in the long run When technology is transferred to help modernize the production process; The operator, the main actor affecting it must apply it according to the previously built technological process, ensuring in the production process: the applied technological process does not cause any errors to create high quality products, diversifying many new product lines, increasing output, labor productivity, and reducing the cost of buying raw materials, Rating - 11 0 TIEU LUAN MOI download : skknchat123@gmail.com TH Group is currently investing in many production and business projects in the field of food and beverage Prominent is the project "Milk raising and milk processing focusing on high-tech application", producing clean fresh milk with TH true MILK brand The project operates under a closed production chain, implemented in October 2009 with a total investment of 1.2 billion USD The project has a total herd of 45,000 cows in Nghe An, setting the record for the largest concentrated dairy farm in Asia in 2015 [CITATION BáoTNMT2021 \l 1033 ] In December 2020, TH farm cluster in Nghe An was confirmed by the World Records Union (Worldkings) as a World Record, which is the record of “Cluster of farms with high technology application with closed production process with the largest scale in the world” with a cluster of farms owning large and modern barns with leading advanced standards in the world, applying 4.0 technology and modern equipment in all stages of a closed process (which uses electronic chips to control feed, veterinary medicine, estrus ) TH milk project has been expanded to many provinces, including Ha Giang, Cao Bang, Thanh Hoa, Phu Yen, Kon Tum and now An Giang The project of dairy farming and high-tech milk processing in An Giang by TH Group, applying high technology, technology 4.0 and the quintessence of management science from the project of dairy farming and milk processing, achieved a record TH's world in Nghe An continues to be applied with a closed process and meticulous care to create international standard milk cups TH's farm cluster in An Giang will also be designed and operated with the world's leading modern technology such as: Breeding process, cow herd management, barns using the advanced dairy cow management system Afimilk (Israel); New Zealand's veterinary and disease management process; Process and equipment for water and waste treatment of Japan, Israel, the Netherlands [CITATION NDT2018 \l 1033 ] Products less variety Weight – 0.10 12 0 TIEU LUAN MOI download : skknchat123@gmail.com This is one of the important factors affecting the success of the brand and the competition with competitors The fact that TH true MILK has only a few basic types of milk such as pasteurized fresh milk and nut milk has led to a lack of choice for consumers Rating – With the goal of providing clean and pure fresh milk, good for users' health, TH true MILK not only focuses on developing and producing milk but also invests heavily in other dairy products to serve the needs of consumers Therefore, milk products of TH true MILK clearly show a lack of variety and few choices TH true MILK's products focus mainly on liquid milk for adult customers without a separate product line for children or people with higher nutritional needs with powdered milk Price Weight – 0.09 Price is always one of the top concerns of customers when deciding to buy a product The obvious price difference with competitors has affected the brand that TH true MILK is building Especially, TH true MILK's competitors are more affordable, although they have long entered and had a large share of the market Rating – TH true MILK has difficulties when it has a higher price than its competitors from 1,0003,000 dong/product At retail, TH true MILK's organic milk (box of 500ml) costs 31,000VND compared to Vinamilk's priced (box of 1litre) at 55,000 VND As for the wholesale price, TH chocolate milk (500ml x 12) is more expensive at retail than 50,000 VND with other milks The reason is that TH's cows are produced by a closed process, industrial methods and farmed Moreover, according to an industry source, in addition to domestic raw materials, 13 0 TIEU LUAN MOI download : skknchat123@gmail.com TH Milk's facility had to import ingredients abroad at a much higher price, pushing milk prices higher than the market.(vtcnews) Besides, the high cost of self-exploitation and farm construction also creates a disadvantage for TH in today's extremely competitive dairy market It prevents businesses from reaching middle- and low-income customers, who account for a large share of Vietnam's total population Although TH milk has a competitive advantage in terms of high milk quality and clear origin, consumers always want to buy good products but it must be affordable TH true MILK still didn't convinced its customers of the quality, the high product price is a barrier for customers to come to this milk label Therefore, business must spend more time in order to expand its scale quickly to reduce the price of products sold to the market (giaoduc.net) Dairy industry still has potential for development Weight - 0.12 During the epidemic, the demand for milk stays steady Fresh milk and powdered milk are the two primary types that influence the growth of the overall milk business in Vietnam In a market where fresh milk output was 1, 500 liters, the total value of these two arrays amounted for roughly / of the market However, the new Vietnamese milk sector has only been able to meet roughly 35% of local demand Furthermore, compared to other nations in the area and throughout the globe, Vietnam's average milk demand is still low, at only 26 liters per year As a nutshell, experts recognize that there is still a lot of surplus and opportunity for the Vietnamese milk business to grow in the future.[CITATION Ánh20 \l 1033 ] Classification 2020 2021 2022 Milk-flavored drinks 18,591 20,146 21,951  Milk-only drinks taste milk 15,479 16,904 18,509 2023 2024 23,96 26,19 20,32 22,35 2025 28,667 24,636 14 0 TIEU LUAN MOI download : skknchat123@gmail.com 3,641 3,838 47,22 51,35 47,22 51,35  Milk drinks with juice flavor 3,112 3,243 3,441 Milk 37,152 40,170 43,516  Cow's milk 37,152 40,170 43,516  Fresh milk 2,716 2,876 3,051 3,244 3,454 3,686  Whole milk 2,716 2,876 3,051 3,244 3,454 3,686  Long-preserved milk 34,436 37,295 40,465 43,98 47,90  Long-preserved milk for fat 759 822 892  Whole long-preserved milk 33,678 36,473 39,573 969 43,01 1,055 46,84 Powdered milk 1,732 1,611 1,495 1,384 1,279 Milk substitute 6,964 7,156 7,339 7,512 7,674 7,831  Soy water 6,781 6,964 7,138 7,302 7,456 7,605  Other alternative milks 184 193 201 69,084 74,301 218 86,50 227 64,440 210 80,09 Total 4,031 56,131 56,131 52,445 1,150 51,294 1,177 93,805 Table Vietnam dairy market revenue forecast for 2020-2025, source Babuki Rating - It's not only the domestic market TH true MILK also promotes the growth in typical overseas markets such as: In China, the first shipment of TH true MILK was successfully exported on October 22, 2019, marking a significant achievement In Russia, the TH Group has been investing in the Russian Federation since 2015, when the country was hit by export restrictions and food shortages, particularly dairy goods Within ten years, the TH Group will finish a 15 0 TIEU LUAN MOI download : skknchat123@gmail.com complicated dairy farming and milk processing project on an industrial level, as well as a variety of food enterprises with a total investment capital of 2.7 billion USD The project will provide TH true MILK branded products to Russian customers in the form of investment in the sector in a complete chain from grass growing to dairy farming to milk processing and delivery.[CITATION Báo20 \l 1033 ] Market entry barrier Weight - 0.10 The elements that restrict or block the entry of new enterprises into a sector are referred to as the entry barrier For businesses that seek to enter a market and compete with established organizations, such reasons might be economic, technological, or problematic Market barriers may make it difficult for enterprises to enter the market, but they also provide an opportunity for businesses to maintain market share and stability Rating - There are three major import barriers that affect the involvement of the firm in the milk industry: The loyalty of brands; High technology; Absolute cost The brand's loyalty: The buyer's preference for current dairy goods is known as brand loyalty: Branding is also tough in the dairy business to ensure product quality and competition Each firm has its own individual brand, which separates it from other businesses in the same field As a consequence, brand loyalty makes it difficult for newcomers to take over current enterprises' market share, reducing the danger of future competitors Rivals that want to break in will discover that removing client preferences is difficult and expensive As a result, TH has a lot of room to grow High technology: Dairy products are nutritional items with a complicated composition that necessitates current technology To achieve the ideal degree of safety, new products must fulfill new requirements when they are produced row As an end, businesses who 16 0 TIEU LUAN MOI download : skknchat123@gmail.com invest in and implement current technology systems will have a significant competitive advantage in this market, and customers will have more trust in their decision - making Absolute cost advantage : Firms with an absolute advantage enter the market with greater unit costs than any production As a result, the established firms in the industry benefit from the newcomer's comparative advantage It contains the following items:  Production capability: TH's long-term production capacity and ability to change to increasing risks are assisted by the collection of previous experience and the longterm development process  Capital: A typical milk production line costs multiple huge amounts of money, which includes factory construction expenses, labor costs, input prices, and external costs  Human resources: producing high-quality dairy products today requires a high level of skill and knowledge, which is also a big obstacle for new dairy enterprises to overcome Substitutes Weight – 0.13 Cow's milk is commonly used across the world as a source of energy and is acceptable for people of all ages However, many people are still unable to consume cow's milk due to indigestion or diarrhea Furthermore, modern day life, with its pollution and work-related pressure, causes people to seek to nature to clean their bodies and re-establish calm and balance in their minds Therefore, consumers gradually favor dairy products made from plants.There are six biggest reasons that motivate consumers to switch from animal milk to plant milk: (1) lactose intolerance or milk allergy, (2) concerns about antibiotics, growth drugs, (3) vegan diet, (4) people with colitis or inflammatory bowel syndrome, (6) ethical factors Plant milk has been proven to be nutritionally equivalent to animal milk 17 0 TIEU LUAN MOI download : skknchat123@gmail.com Oat milk and rice milk, in comparison, have even more calories than cow's milk [CITATION Brands2020 \l 1033 ] 18 0 TIEU LUAN MOI download : skknchat123@gmail.com Table Milk nutrition chart, source Brands Vietnam Rating – In March 2018, TH Group launched a set of premium nut milk products from two types of macadamia nuts, walnuts rich in nutritional value and disease prevention Walnuts are imported from American farms, while macadamia nuts are imported from Australia and South Africa and partly purchased from farms in Vietnam In the right "trend" of nut milk, TH has expanded its exploitation territory in the domestic market In 2018, the Group led the group of fresh milk products (including nut milk) with 40% of the national market share and reached the revenue milestone of more than VND 7,000 billion This achievement is strongly contributed by the nut milk product range [CITATION TCCT2019 \l 1033 ] Besides, this is also a big challenge for TH because the supply of nut milks is largely dependent on outside sources This will be a big deal for TH if the company wants to expand its nut milk market share more and have enough milk to supply to consumers in the near future When customers tend to consume more nut milk Competitors Weight – 0.12 Pressure from competitors such as Vinamilk Moc Chau (which stands for 45 percent of the milk market), Friesland Campina (which exceed 30 percent of the market), Dairy goods and brand ideas, in particular, are easily copied and offered at a lower cost As a result of the strong competition, TH true MILK will need to be extremely careful in every step of the product's future development 19 0 TIEU LUAN MOI download : skknchat123@gmail.com TH Group is currently investing in many production and business projects in the field of food and beverage Prominent is the project "Milk raising and milk processing focusing on high-tech application", producing clean fresh milk with TH true MILK brand The project operates under a closed production chain, implemented in October 2009 with a total investment of 1.2 billion USD The project has a total herd of 45,000 cows in Nghe An, setting the record for the largest concentrated dairy farm in Asia in 2015 [CITATION BáoTNMT2021 \l 1033 ] In December 2020, TH farm cluster in Nghe An was confirmed by the World Records Union (Worldkings) as a World Record, which is the record of “Cluster of farms with high technology application with closed production process with the largest scale in the world” with a cluster of farms owning large and modern barns with leading advanced standards in the world, applying 4.0 technology and modern equipment in all stages of a closed process (which uses electronic chips to control feed, veterinary medicine, estrus ) to many provinces, including Ha Giang, Cao Bang, TH milk project has been expanded TIEUThanh LUAN MOI download : skknchat123@gmail.com Hoa, Phu Yen, Kon Tum and now An Giang The project of dairy farming and high-tech milk processing in An Giang by TH Group, applying high technology, technology 4.0 and the quintessence of management science from the project of dairy farming and milk processing, achieved a record TH's world in Nghe An continues to be applied with a closed process and meticulous care to create international standard milk cups TH's farm cluster in An Giang will also be designed and operated with the world's leading modern technology such as: Breeding process, cow herd management, barns using the advanced dairy cow management system Afimilk (Israel); New Zealand's veterinary and disease management process; Process and equipment for water and waste treatment of Japan, Israel, the Netherlands [CITATION NDT2018 \l 1033 ] Products less variety Weight – 0.10 12 0 TIEU LUAN MOI download : skknchat123@gmail.com This is one of the important factors affecting the success of the brand and the competition with competitors The fact that TH true MILK has only a few basic types of milk such as pasteurized fresh milk and nut milk has led to a lack of choice for consumers Rating – With the goal of providing clean and pure fresh milk, good for users' health, TH true MILK not only focuses on developing and producing milk but also invests heavily in other dairy products to serve the needs of consumers Therefore, milk products of TH true MILK clearly show a lack of variety and few choices TH true MILK's products focus mainly on liquid milk for adult customers without a separate product line for children or people with higher nutritional needs with powdered milk Price Weight – 0.09 Price is always one of the top concerns of customers when deciding to buy a product The obvious price difference with competitors has affected the brand that TH true MILK is building Especially, TH true MILK's competitors are more affordable, although they have long entered and had a large share of the market Rating – TH true MILK has difficulties when it has a higher price than its competitors from 1,0003,000 dong/product At retail, TH true MILK's organic milk (box of 500ml) costs 31,000VND compared to Vinamilk's priced (box of 1litre) at 55,000 VND As for the (500ml x 12) is more expensive at retail than 50,000 wholesale price, TH chocolate milk TIEUVND LUAN MOI download : skknchat123@gmail.com with other milks The reason is that TH's cows are produced by a closed process, industrial methods and farmed Moreover, according to an industry source, in addition to domestic raw materials, 13 0 TIEUTH LUAN MOIhad download : skknchat123@gmail.com Milk's facility to import ingredients abroad at a much higher price, pushing milk prices higher than the market.(vtcnews) Besides, the high cost of self-exploitation and farm construction also creates a disadvantage for TH in today's extremely competitive dairy market It prevents businesses from reaching middle- and low-income customers, who account for a large share of Vietnam's total population Although TH milk has a competitive advantage in terms of high milk quality and clear origin, consumers always want to buy good products but it must be affordable TH true MILK still didn't convinced its customers of the quality, the high product price is a barrier for customers to come to this milk label Therefore, business must spend more time in order to expand its scale quickly to reduce the price of products sold to the market (giaoduc.net) Dairy industry still has potential for development Weight - 0.12 During the epidemic, the demand for milk stays steady Fresh milk and powdered milk are the two primary types that influence the growth of the overall milk business in Vietnam In a market where fresh milk output was 1, 500 liters, the total value of these two arrays amounted for roughly / of the market However, the new Vietnamese milk sector has only been able to meet roughly 35% of local demand Furthermore, compared to other nations in the area and throughout the globe, Vietnam's average milk demand is still low, at only 26 liters per year As a nutshell, experts recognize that there is still a lot of surplus and opportunity for the Vietnamese milk business to grow in the future.[CITATION Ánh20 \l 1033 ] Classification 2020 2021 2022 Milk-flavored drinks 18,591 20,146 21,951  Milk-only drinks taste milk 15,479 16,904 18,509 2023 2024 23,96 26,19 20,32 22,35 14 0 TIEU LUAN MOI download : skknchat123@gmail.com 2025 28,66 24,636 3,641 3,838 47,22 51,35 47,22 51,35  Milk drinks with juice flavor 3,112 3,243 3,441 Milk 37,152 40,170 43,516  Cow's milk 37,152 40,170 43,516  Fresh milk 2,716 2,876 3,051 3,244 3,454 3,686  Whole milk 2,716 2,876 3,051 3,244 3,454 3,686  Long-preserved milk 34,436 37,295 40,465 43,98 47,90 TIEU LUAN MOI download : Long-preserved milk for fat skknchat123@gmail.com 759 822 892 969 1,055 4,031 56,13 56,13 52,44 1,150 ... skknchat123@gmail.com This is one of the important factors affecting the success of the brand and the competition with competitors The fact that TH true MILK has only a few basic types of milk such as... skknchat123@gmail.com This is one of the important factors affecting the success of the brand and the competition with competitors The fact that TH true MILK has only a few basic types of milk such as... producing milk but also invests heavily in other dairy products to serve the needs of consumers Therefore, milk products of TH true MILK clearly show a lack of variety and few choices TH true MILK' s