Growth prospects of overseas foods remaining promising but potential is largely priced in.
Narrow-moat Ajinomoto missed its full-year guidance and fell short of our expectation by 5% as it failed to reverse the negative trend of the moaty consumer business while profit growth in animal nutrition decelerated during the quarter. Apart from prolonged price competition in Thailand’s canned coffee market and operation troubles of U.S. frozen foods, a renewed issue concerning its domestic frozen food sales to corporate customers further weighed on the profits of the foods business. While we...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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