Profits Came In Significantly Lower Despite the Expected Miss; Shares Overvalued
Narrow-moat Yamazaki Baking’s second-quarter profits came in significantly below our expectation and the company’s target, although we had projected the company to miss its guidance. The disappointing profit result is attributable to increased logistic costs of the bakery food business, as well as a slowdown in top-line growth. While the company has maintained its full-year guidance, we find the guidance, implying 60% growth during the second half, fairly challenging. Given the price hikes of so...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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