Yakult's overseas strength offset pharma weakness; China growth accelerated
Narrow-moat Yakult got off a good start in fiscal 2018 with a 2.3% growth in sales and flat operating profits. The results are slightly better than our expectation and seems largely in line with the company's guidance. Despite a sizable profit decline in the pharma business, moaty probiotic drinks posted healthy growth in Asia, the key growth driver in our assumptions. Yakult's shares were up more than 6% after the announcement during trading hours. We suspect the preliminary report of an accele...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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