Weakness in Probiotics Caused Meiji's Profit Miss; Share Price Reflects Market's Low Expectation
Narrow-moat Meiji’s fourth-quarter results fell short of its guidance and our expectation due to underperformance of the moaty food business. The newly announced 2019 guidance, indicating an 8% growth in operating profits, is above our forecasts of flat profits. We have maintained our forecasts given that the company has not factored in any impact of a drug price cut that should be announced by the government during the summer. We continue to find that the midterm profit target of JPY 125 billio...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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