High Expectations on Profit Growth Driven by Yamazaki's Price Hike Could Disappoint
We have examined the impact of narrow-moat Yamazaki’s price hikes on its bakery products and adjusted our operating profit forecasts by 3%-4%, mainly for 2019 and beyond. We thus lifted our fair value estimate to JPY 2,300 from JPY 2,100, assuming that the price hikes will be fully passed through within six months after implementation. We think Yamazaki's ability to pass on higher costs in a tough retail environment is supported by its moat source stemming from distribution capabilities, althoug...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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