Prolonged Troubles of Moat Consumer Foods Clouding Growth Prospect
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...
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