A Strong Rebound in Profit Growth for Nissin, but Unlikely to Last Into Second Half as Hurdles Rise
Narrow-moat Nissin Foods’ second-quarter earnings slightly exceeded our expectations but seem largely in line with the company’s target. The moaty domestic instant noodle business remains a key driver. While growth and margins improved in Brazil and China, the two overseas markets most critical to Nissin’s long-term growth, we remain skeptical about the company’s aggressive top-line growth target--particularly for China, where we think a fairly saturated market and rising health awareness may de...Nissin Foods Holdings is a holding company. Through its affiliates, Co. is mainly engaged in the manufacture and sale of instant noodles and other food products in Japan and overseas. Co. manufactures cup and bag-type instant noodles under the names of "Chicken Ramen," "Cup Noodle," "Nissin-no-Donbei," "Demae Iccho," "Myojo Charumera, " "Myojo Ippeichan," and others. Co. also manufactures chilled and frozen food products including ramen noodles, yakisoba noodles, pasta, snacks, and cooked rice. In addition, Co., through its affiliates, is engaged in the manufacture and sale of confectionery and dairy products, the real estate business, and the operation of restaurants and golf courses.
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