Degree of Downward Revision Greater Than Expected, but Yamazaki Baking Passing the Worst
Narrow-moat Yamazaki Baking saw profit decline widened in the third quarter with flat sales and a 38% decline in profits. While we had expected a downward revision, the 23% cut in operating profits is greater than our expectation. We have slashed our 2018 profit forecasts by 16% and 8% for the rest of the five-year explicit forecast period, and lowered our fair value of estimate to JPY 2,100 from JPY 2,300. The shares have corrected by 27% over the last three months and are now fairly valued. Wh...Yamazaki Baking is a baking company. Co. is engaged in the manufacture of bread, Japanese and western confectionery and the sale of its products to retailers; the manufacture and sale of bakery products; the operation of bakery cafes and bakeries; and the manufacture and sale of sandwiches, packed meals, rice balls, Japanese crackers, snacks and rice crackers. Co. is also engaged in the operation of convenience stores and food supermarkets; the logistics business; the design, supervision and construction of food manufacturing facilities; the office work entrusted business; the non-life insurance agency business; and the manufacture and sale of cleaning agents for baking equipment.
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