Downward Revision as Expected; Soaring Logistic Costs Weighing on Profits
Narrow-moat Yamazaki Baking posted a nearly 20% decline in operating profits in the third quarter and the results were below our expectations. As we had expected, it has revised down its full-year profit guidance accordingly by 14-17%. While the downward revision was well anticipated, the revised targets are 3%-4% below our estimates. Despite a steady growth in sales of the moaty baked food business, soaring logistic/personnel costs, a key concern to dent its earnings outlook, continue to weigh ...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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