The independent financial analyst theScreener just lowered the general evaluation of CALBEE (JP), active in the Food Products industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date January 18, 2022, the closing price was JPY 2,651.00 and its target price w...
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....
We walked away from narrow-moat Calbee’s result briefing with increased confidence that management is on the right track to fix overseas issues and build a foundation for long-term growth. However, guidance of flat profits for fiscal 2019 is disappointing. We believe that management has taken a cautious stance toward domestic profitability due to uncertainty caused by coming price hikes and a sales tax hike. Management intends to focus on brand building and new product development while enha...
We walked away from narrow-moat Calbee’s result briefing with increased confidence that management is on the right track to fix overseas issues and build a foundation for long-term growth. However, guidance of flat profits for fiscal 2019 is disappointing. We believe that management has taken a cautious stance toward domestic profitability due to uncertainty caused by coming price hikes and a sales tax hike. Management intends to focus on brand building and new product development while enha...
We walked away from narrow-moat Calbee’s result briefing with increased confidence that management is on the right track to fix overseas issues and build a foundation for long-term growth. However, guidance of flat profits for fiscal 2019 is disappointing. We believe that management has taken a cautious stance toward domestic profitability due to uncertainty caused by coming price hikes and a sales tax hike. Management intends to focus on brand building and new product development while enha...
Narrow-moat Calbee’s third-quarter results came in largely in line with our forecasts. While the downward revision is well-expected, the degree of revision is somewhat greater than our expectation as domestic cost inflation accelerates. We have marginally lowered our estimates but maintained the fair value of JPY 4,100 as the increased time value of money offset the lowered earnings. Solid sales performance of the moaty domestic snack business reiterates its competitive advantage but managemen...
Narrow-moat Calbee’s third-quarter results came in largely in line with our forecasts. While the downward revision is well-expected, the degree of revision is somewhat greater than our expectation as domestic cost inflation accelerates. We have marginally lowered our estimates but maintained the fair value of JPY 4,100 as the increased time value of money offset the lowered earnings. Solid sales performance of the moaty domestic snack business reiterates its competitive advantage but managemen...
Narrow-moat Calbee’s third-quarter results came in largely in line with our forecasts. While the downward revision is well-expected, the degree of revision is somewhat greater than our expectation as domestic cost inflation accelerates. We have marginally lowered our estimates but maintained the fair value of JPY 4,100 as the increased time value of money offset the lowered earnings. Solid sales performance of the moaty domestic snack business reiterates its competitive advantage but managemen...
We have lowered our fair value estimate for narrow-moat Calbee to JPY 4,100 from JPY 4,250 to reflect our more cautious view on its midterm growth prospect of the overseas business. Margin recovery in the once-lucrative U.S. market was a key earnings driver behind our growth thesis. However, the company’s strategy to rely on new products, rather than the established brand, to accelerate top-line growth raises uncertainty around its earnings outlook. While we are convinced that Calbee’s domin...
We have lowered our fair value estimate of narrow-moat Calbee to JPY 4,100 from JPY 4,250 to reflect our more cautious view on its mid-term growth prospect of the overseas business. Margin recovery in the once-lucrative U.S. market was a key earnings driver behind our growth thesis. However, the company’s strategy to rely on new products, rather than the established brand, to accelerate top-line growth raises uncertainty around its earnings outlook. While we are convinced that Calbee’s domin...
We have lowered our fair value estimate of narrow-moat Calbee to JPY 4,100 from JPY 4,250 to reflect our more cautious view on its mid-term growth prospect of the overseas business. Margin recovery in the once-lucrative U.S. market was a key earnings driver behind our growth thesis. However, the company’s strategy to rely on new products, rather than the established brand, to accelerate top-line growth raises uncertainty around its earnings outlook. While we are convinced that Calbee’s domin...
Narrow-moat Calbee’s second-quarter results fell short of our expectations and its internal targets with sales down 4% (like-for-like 1% excluding the impact of divestiture of the domestic bakery business) and operating profits down nearly 14% resulting from sluggish domestic granola sales and lackluster U.S. growth. While management has maintained its full-year guidance, we have lowered our profit forecasts of the explicit forecast period by 5%-7% to reflect slower margin expansion. We accord...
Narrow-moat Calbee’s second-quarter results fell short of our expectations and its internal targets with sales down 4% (like-for-like 1% excluding the impact of divestiture of the domestic bakery business) and operating profits down nearly 14% resulting from sluggish domestic granola sales and lackluster U.S. growth. While management has maintained its full-year guidance, we have lowered our profit forecasts of the explicit forecast period by 5%-7% to reflect slower margin expansion. We accord...
Calbee’s long-term strategy to achieve a 15% operating margin has two pillars: acquiring two thirds of the domestic snack food market and raising overseas sales to 30% of total sales. The emerging granola business, along with new core snack food product introductions, will be a key driver domestically and overseas.Selling Japanese products via cross-border e-commerce presents new growth opportunities in China. Calbee is pinning its hopes on granola brand Frugra to fuel growth in China. Frugra,...
Narrow-moat Calbee’s second-quarter results fell short of our expectations and its internal targets with sales down 4% (like-for-like 1% excluding the impact of divestiture of the domestic bakery business) and operating profits down nearly 14% resulting from sluggish domestic granola sales and lackluster U.S. growth. While management has maintained its full-year guidance, we have lowered our profit forecasts of the explicit forecast period by 5%-7% to reflect slower margin expansion. We accord...
Calbee’s long-term strategy to achieve a 15% operating margin has two pillars: acquiring two thirds of the domestic snack food market and raising overseas sales to 30% of total sales. The emerging granola business, along with new core snack food product introductions, will be a key driver domestically and overseas.Selling Japanese products via cross-border e-commerce presents new growth opportunities in China. Calbee is pinning its hopes on granola brand Frugra to fuel growth in China. Frugra,...
Narrow-moat Calbee posted a robust set of first-quarter results with sales up 8.3% (LFL 15.2% excluding the impact of divesture of the domestic bakery business) and operating profits up nearly 70%, despite from a low base due to the potato shortage of the last first quarter. While the results are better than our expectations, operating profits are trending slightly behind the company's internal target which appears to have factored in a more than 70% growth in the first quarter but flat operatin...
Narrow-moat Calbee posted a robust set of first-quarter results with sales up 8.3% (LFL 15.2% excluding the impact of divesture of the domestic bakery business) and operating profits up nearly 70%, despite from a low base due to the potato shortage of the last first quarter. While the results are better than our expectations, operating profits are trending slightly behind the company's internal target which appears to have factored in a more than 70% growth in the first quarter but flat operatin...
Narrow-moat Calbee posted a robust set of first-quarter results with sales up 8.3% (LFL 15.2% excluding the impact of divesture of the domestic bakery business) and operating profits up nearly 70%, despite from a low base due to the potato shortage of the last first quarter. While the results are better than our expectations, operating profits are trending slightly behind the company's internal target which appears to have factored in a more than 70% growth in the first quarter but flat operatin...
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