Yakult's China Slowdown Temporary; Weakness Creating Good Buying Opportunities
Narrow-moat Yakult’s third-quarter profits came in below our expectation as a result of increased sales expenses. We have lowered our volume assumption for China to reflect the weakness in the fourth quarter, likely to stay through the first half of 2019, but leave our fair value estimate of JPY 8,300 unchanged as the adjustment is offset by increased time value of money. The company is likely to miss its guidance unless it achieves a sizable cut in sales expenses during the quarter. Nevertheles...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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