Sales Recovery in Moaty Domestic Foods Despite Expected Downward Revision
Narrow-moat Ajinomoto’s second-quarter results came in above our expectations. Management has revised down its full-year guidance due to the first-quarter shortfall and adverse foreign exchange movement but the 6%-9% profit downward revision was greater than our expectation of 5%. A recovery in the moaty domestic food business and healthy growth in the moaty overseas foods were the positives of the quarter. We have lowered our fair value estimate to JPY 2,400 from JPY 2,420 to reflect the profit...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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