Strong Recovery in Overseas Foods Demonstrates Ajinomoto's Moat; Shares Remain Undervalued
Narrow-moat Ajinomoto's full-year profits came in 7% above its revised guidance and our expectation, thanks to a solid recovery in the moaty overseas consumer business and continued strength in healthcare sales during the final quarter. Improved growth momentum in Southeast Asia, where Ajinomoto was struggling with intensified competition and soft volume growth after price hikes, demonstrates the company's moat of intangible assets. Ajinomoto was able to leverage its research and development and...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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