Revising Down Profit Forecasts After 1Q Weakness; Shares Remain Attractive
We have revised our profit forecasts downward by 3%-5% for 2018 onward following Meiji’s disappointing first-quarter results. Sales fell 1% (reported negative 1.6% including the impacts of revision of trade terms), while operating profits plunged 19% from weakness in the moaty food business, in part due to hot weather. While management retains its full-year guidance, the second-half targets look challenging. As hot weather is likely to continue depressing demand for dairy and chocolate products ...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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