Mixed Results for Ajinomoto with Profits Boosted by No-Moat Businesses but Weakness Seems Priced in
Narrow-moat Ajinomoto posted a mixed set of third-quarter results with profits trending largely in line with our expectation and the company’s guidance despite a shortfall in sales. The fact that profit growth was driven largely by the no-moat life science and healthcare businesses, rather than the moaty consumer product businesses, is likely to be viewed as a disappointment. Apart from continued price competition in Thailand’s canned coffee market, rising raw material costs have further weighed...
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