Initiating Coverage of Kobayashi Pharmaceutical With JPY 6,900 FVE and Narrow-Moat Rating
We initiate a niche consumer product play Kobayashi Pharmaceutical with a fair value estimate of JPY 6,900. We assign the company a narrow-moat rating, underpinned by the company’s intangible asset of an entrenched retailer relationship in Japan. Although we like the firm’s niche strategy and relatively attractive margin among the consumer names in Japan, the stock has outperformed Topix over the past two years, and now trades at 6% premium to our fair value estimate. It seems the story of sales...
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