Yakult 2Q Profits Better Than Expected; Slow in China's 3Q Growth due to One-off Capital Expenditure
Narrow-moat Yakult beat its first-half guidance as expected but profits came in slightly above our expectation, boosted by a solid growth in the moaty probiotic drinks in China. The results echo our thesis that a double-digit growth in Asia led by China will sustain Yakult’s mid-term growth. We have raised our operating profit forecasts by about 2% following a 3% upward revision in its full-year guidance on the back of better-than-expected profits in the first half and adverse currency movement ...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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