A Rebound in Growth for Ajinomoto Driven by Recovery of No-Moat Businesses
Narrow-moat Ajinomoto’s second-quarter results improved quarter on quarter, with sales (up 7.5%) largely in line with our estimate while profits (up 9.3%) came in a touch above our expectations. In contrast to the first-quarter profit growth, driven by the moaty domestic food business, second-quarter profits were boosted by a recovery in the no-moat life support and healthcare segments. The results support our thesis, which calls for continuous margin expansion in the moaty domestic food busines...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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