Continued Challenges Facing Ajinomoto's Moat Food Business; Management Execution a Key Issue
To our surprise, narrow-moat Ajinomoto has again revised down its full-year guidance given impairment losses of the U.S. frozen food operations and the African affiliate Promasidor as well as the prolonged weaknesses in some moaty food businesses. The third-quarter profits excluding impairment losses were largely in line with our expectation, but management is guiding a gloomier fourth quarter. We have lowered our profit forecasts by 6%-9% and reduced our fair value estimate to JPY 2,100 from JP...Ajinomoto and its affiliates are mainly engaged in the manufacture and sale of food products, fine chemicals and pharmaceuticals in Japan and overseas. Co.'s principal food products for the retail and commercial markets include umami seasoning "AJI-NO-MOTO®," "HON-DASHI," and "Cook Do®," processes foods, frozen foods, instant noodles, coffee products, sweeteners and umami seasonings for processed food manufacturers. Co. also manufactures feed-use amino acids, amino-acids for pharmaceuticals and foods, amino acid-based products and specialty chemicals, as well as pharmaceuticals for gastrointestinal and metabolic diseases.
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