Meiji's New Management Team Looking to Step Up Overseas Presence and Profit Growth
Narrow-moat Meiji’s fourth-quarter results fell short of its guidance as expected but were in line with our estimates. The newly announced 2018 guidance is consistent with our forecasts, but the medium-term profit target of JPY 125 billion for the three-year period ending 2020 exceeds our forecasts by 13%. The difference between the guidance and our estimates lies in the profit outlook for the pharmaceutical business. While we have mostly retained our profit forecasts, we have lowered our fair v...Meiji Holdings is a holding company based in Japan. Co. and its affiliates are mainly engaged in the manufacture and sale of confectionery, dairy products and pharmaceuticals. Co., through its subsidiaries and affiliates, has two business segments: food and medicinal drug. The Food segment provides confectionery, ice cream, sugar, market milk, milk powder, condensed milk, butter, cheese, beverage, health food and drug store-oriented pharmaceutical products. The Medicinal Drug segment provides ethical pharmaceuticals, as well as agricultural chemicals and veterinary drugs.
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