Overseas Growth Lackluster; Nissin Foods Share Price Indicating Market Pinning a High Hope
Narrow-moat Nissin Foods’ third-quarter results came in below our expectations due to limited growth in Brazil and decelerated profit growth in Japan. While we had anticipated growth to slowdown in the second half, unexpected deterioration in the product mix depressed the operating margin despite a sizable cut in marketing spend. We remain skeptical about the company’s double-digit growth target for sales in China and Brazil. It appears that Nissin failed to achieve a share gain in China as loc...
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