Report
Jeanie Chen
EUR 100.00 For Business Accounts Only

Calbee's past the worst, with re-entry into China via Frugra an exciting growth opportunity.

Narrow-moat Calbee posted a robust set of first-quarter results with sales up 8.3% (LFL 15.2% excluding the impact of divesture of the domestic bakery business) and operating profits up nearly 70%, despite from a low base due to the potato shortage of the last first quarter. While the results are better than our expectations, operating profits are trending slightly behind the company's internal target which appears to have factored in a more than 70% growth in the first quarter but flat operatin...
Underlying
CALBEE Inc.

Calbee is mainly engaged in the manufacture and sale of snack confectionery, bakery product and cereal. Co.'s snack food includes potato-based snacks, such as potato chips under the names of "Potato Chips," "Jagarico," and "Jagabee;" flour-based snacks under the names of "Kappa Ebisen," "Sapporo Potato," "Sayaendo," and "Yaki Morokoshi;" and corn-based snacks under the names of "Mike Popcorn Butter Shoyu (butter and soy sauce) flavor," "Doritos," and "Cheetos." Co. provides cereal food under the name of "Fruit Granola" as well as bakery products such as pastries and sandwiches for retailer. In addition, Co. is also engaged in the logistics business.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Jeanie Chen

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