Meiji Holdings: Robust 2Q Growth Reinforcing Our Thesis of Sustainable Margin Expansion
Narrow-moat Meiji Holdings' second-quarter profits beat our estimates and its guidance by roughly 10%. The company accordingly revised up its full-year earnings guidance by 2%-5%. While the revival of pharmaceutical earnings is a key driver, enhanced cost efficiency of the food segment triggered the upward revision. We are particularly encouraged by the sales recovery of high-margin probiotic yogurt, a category vital to our thesis of margin expansion. The results reinforce our long-term view tha...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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