Launching Coverage of Yakult Honsha With Narrow Moat and Stable Moat Trend Ratings, FVE of JPY 8,000
We initiate coverage of Yakult with a fair value estimate of JPY 8,000, and assign it narrow moat and stable moat trend ratings. The stock is trading at a 2% discount to our fair value estimate, while our earnings forecasts are 4%-7% below consensus over the next three years. Our cautious view on domestic margin expansion is responsible for the earnings gap. In contrast, we are optimistic about Yakult's rosy growth prospects in Asia, particularly China, where rising penetration combined with geo...Yakult Honsha is a food and beverage manufacturing group. Along with its affiliates, Co. operates in two business segments: beverages and food, and pharmaceutical. The Beverages and Food segment manufactures and sells dairy products, beverages including juices and soft drinks, as well as noodles and health food. Co. is also involved in the transportation of its products and the sale of materials. The Pharmaceuticals segment is engaged in the manufacture and sale of medicines to local hospitals and pharmacies through pharmaceutical wholesalers. In addition, Co. is engaged in the production and sale of cosmetics and the operation of its professional baseball club.
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