Disappointing Profit Results at Yamazaki Baking Caused by New Factory's Increased One-Off Expenses
Narrow-moat Yamazaki Baking’s first-quarter profits came in below our expectations and the company’s target. The disappointing profit result is attributable to increased one-off expenses related to the operation commencement of its Kobe factory. Given that the impact of increased expenses related to the Kobe factory will lessen over the next three quarters and the moaty bakery food sales remains healthy, we made no change in our forecasts but marginally lifted the fair value estimate to JPY 210...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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