Solid 1Q Results for Meiji Support the Long-Term Margin Expansion Story; Shares Undervalued
Narrow-moat Meiji posted a solid set of first-quarter results, which support our long-term view that margin expansion in the moaty food business is sustainable while improved profitability in the pharmaceutical business will lift earnings growth. Flat sales were in line with our expectations while a 10% growth in operating profits is ahead of our estimate of a marginal increase, in part due to recognition of one-off milestone revenue of a drug targeting Parkinson’s disease. The results indicate ...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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