Nissin Foods' One-off Profits Masking Slow Underlying Growth
Narrow-moat Nissin Foods’ fourth-quarter results came in below our expectations although it was in line with the company’s guidance. We have fine-tuned our forecasts and lift our fair value estimate to JPY 6,950 from JPY 6,600 to reflect the increased time value of money. Contrary to a merely 1.7% like-for-like growth in operating profits excluding the impacts of unrealized actuarial gains and losses associated with pension liabilities for 2017 (reported 19% growth), the shares have outperformed...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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