Yamazaki Failing to Expand Margin Despite Price Hikes; Reducing Our Fair Value Estimate
Narrow-moat Yamazaki Baking reported another disappointing quarter with a 1.3% decline in sales and 23% plunge in operating profits, compared with our expectations of flat sales and a low-single-digit growth in profits. While rising overhead and personnel expenses are well expected, sales weakness in the moaty bakery business and subsidiaries including Fujiya and Yamazaki Biscuit further weighed on profits. We have lowered our profit forecasts by 5% and fair value estimate to JPY 1,900 from JPY ...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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