Rising Costs Weighing on Profits Despite favourable Currency Movement; Kikkoman Overvalued
Narrow-moat Kikkoman’s second-quarter profits are in line with our expectation but trended slightly above its guidance. It has revised up its full-year sales guidance by 2% to reflect a more favorable U.S. dollar-Japanese yen rate but maintained the profit targets given rising input costs.We have marginally lowered our estimates for 2018 but raised our fair value estimate to JPY 4,000, up from JPY 3,750, to reflect a higher stage-two RONIC assumption and increased time value of money. Neverthel...
Kikkoman is a holding company engaged in the manufacture and sale of soy sauce and food products. Domestic Foods Manufacturing and Sales segment manufactures soy sauce, foods products, beverages and liquor including soy sauce, Tsuyu (soy sauce soup base), seasoning mixes, Del Monte seasonings and beverages, soy milk beverages and wines in the domestic market. Domestic Others segment is engaged in the biochemical, chemical and logistics businesses. Overseas Foods Manufacturing and Sales segment offers soy sauce, Del Monte products and healthy foods in overseas markets. Overseas Foods Wholesales segment is engaged in the purchase and sale of oriental foods in domestic and overseas markets.
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