Summary Riken Vitamin Co Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Riken Vitamin Co Ltd (Riken Vitamin) is a manufacturer of food additives. The company produces chemicals applied in consumer and commercial foods, processed food ingredients, and food chemicals for...
Summary KENKO Mayonnaise Co Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights KENKO Mayonnaise Co Ltd (Kenko) is a food processor that manufactures and markets mayonnaise, sauces, dressings, processed egg products, long-life salads, and delicatessen foods. The company mer...
The independent financial analyst theScreener just requalified the general evaluation of KIKKOMAN (JP), active in the Food Products industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date March 15, 2022, the closing p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials ...
After numerous trade war escalations and setbacks, it is easy to become resigned to the belief that there will be no end to the trade war. We have come to expect the unexpected when it comes to President Trump's tactics, so the best course of action may be to assume nothing. Last week's “Phase 1†US-China trade agreement is certainly a step in the right direction, and for now we are taking the truce at face value as a positive development while also knowing that the risk of setbacks/escalati...
Narrow-moat Kikkoman beat its full-year guidance as expected with sales and profits coming in a touch above our estimates. Management has guided a mixed outlook with a 4.4% growth in the top line and 3.3% growth in operating income for 2019. We have moderately lowered our forecasts by 1% to reflect a slower pace of margin expansion, but our profit estimate of a 6% growth remains above the guidance. A sizable increase, nearly JPY 5 billion, in overhead and marketing spend will also depress profit...
Narrow-moat Kikkoman beat its full-year guidance as expected with sales and profits coming in a touch above our estimates. Management has guided a mixed outlook with a 4.4% growth in the top line and 3.3% growth in operating income for 2019. We have moderately lowered our forecasts by 1% to reflect a slower pace of margin expansion, but our profit estimate of a 6% growth remains above the guidance. A sizable increase, nearly JPY 5 billion, in overhead and marketing spend will also depress profit...
Narrow-moat Kikkoman beat its full-year guidance as expected with sales and profits coming in a touch above our estimates. Management has guided a mixed outlook with a 4.4% growth in the top line and 3.3% growth in operating income for 2019. We have moderately lowered our forecasts by 1% to reflect a slower pace of margin expansion, but our profit estimate of a 6% growth remains above the guidance. A sizable increase, nearly JPY 5 billion, in overhead and marketing spend will also depress profit...
Narrow-moat Kikkoman’s third-quarter sales and profits are in line with our expectation and the company’s internal targets. It has maintained its full-year guidance. We have marginally adjusted our assumptions, which do not affect our fair value estimate of JPY 4,000 implying a 27% downside. Kikkoman’s shares are trading at 38 times P/E and 20 times EV/EBITDA in 2019, more than twice the multiples of the Topix food sector. We suspect that either the market has priced in unrealistic growth ...
Narrow-moat Kikkoman’s third-quarter sales and profits are in line with our expectation and the company’s internal targets. It has maintained its full-year guidance. We have marginally adjusted our assumptions, which do not affect our fair value estimate of JPY 4,000 implying a 27% downside. Kikkoman’s shares are trading at 38 times P/E and 20 times EV/EBITDA in 2019, more than twice the multiples of the Topix food sector. We suspect that either the market has priced in unrealistic growth ...
Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below†the neutral rate and the 90-day t...
Narrow-moat Kikkoman’s second-quarter profits are in line with our expectation but trended slightly above its guidance. It has revised up its full-year sales guidance by 2% to reflect a more favorable U.S. dollar-Japanese yen rate but maintained the profit targets given rising input costs. We have marginally lowered our estimates for 2018 but raised our fair value estimate to JPY 4,000, up from JPY 3,750, to reflect a higher stage-two RONIC assumption and increased time value of money. Nevert...
Narrow-moat Kikkoman’s second-quarter profits are in line with our expectation but trended slightly above its guidance. It has revised up its full-year sales guidance by 2% to reflect a more favorable U.S. dollar-Japanese yen rate but maintained the profit targets given rising input costs. We have marginally lowered our estimates for 2018 but raised our fair value estimate to JPY 4,000, up from JPY 3,750, to reflect a higher stage-two RONIC assumption and increased time value of money. Nevert...
Narrow-moat Kikkoman’s second-quarter profits are in line with our expectation but trended slightly above its guidance. It has revised up its full-year sales guidance by 2% to reflect a more favorable U.S. dollar-Japanese yen rate but maintained the profit targets given rising input costs. We have marginally lowered our estimates for 2018 but raised our fair value estimate to JPY 4,000, up from JPY 3,750, to reflect a higher stage-two RONIC assumption and increased time value of money. Neverth...
Kikkoman aims to bring soy sauce to every food culture worldwide. In overseas markets, it reaps the rewards from its endeavors to promote soy sauce and Oriental foods in Western markets. At home, in contrast, it battles shrinking demand and low profitability. The key to margin enhancement hinges on restructuring measures for turnaround or divesture of its domestic noncore food businesses.Soy sauce and wholesale of Oriental foods are growth pillars for the overseas business. Rising demand for Jap...
Narrow-moat Kikkoman's first-quarter results with a 4.6% growth (5.5% excluding foreign exchange impacts) in sales and 4.1% growth (4.7%) in operating profits are in line with our expectations. Growth in condiment/soy sauce and domestic soy milk drove margin expansion and lifted profit growth. However, growth in the lucrative North America soy sauce business slowed to low-single digits. We have maintained our forecasts and fair value estimate of JPY 3,750, implying a 30% downside. Kikkoman's sha...
Narrow-moat Kikkoman's first-quarter results with a 4.6% growth (5.5% excluding foreign exchange impacts) in sales and 4.1% growth (4.7%) in operating profits are in line with our expectations. Growth in condiment/soy sauce and domestic soy milk drove margin expansion and lifted profit growth. However, growth in the lucrative North America soy sauce business slowed to low-single digits. We have maintained our forecasts and fair value estimate of JPY 3,750, implying a 30% downside. Kikkoman's sh...
Narrow-moat Kikkoman's first-quarter results with a 4.6% growth (5.5% excluding foreign exchange impacts) in sales and 4.1% growth (4.7%) in operating profits are in line with our expectations. Growth in condiment/soy sauce and domestic soy milk drove margin expansion and lifted profit growth. However, growth in the lucrative North America soy sauce business slowed to low-single digits. We have maintained our forecasts and fair value estimate of JPY 3,750, implying a 30% downside. Kikkoman's sha...
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