Research Coverage of Japanese Listed Companies, Shared Research Inc

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Research Coverage of Japanese Listed Companies

Shared Research Inc

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Equity Bottom-Up

Morinaga Milk Industry Co / Equity Bottom-Up

<ul><li>In FY03/25, sales reached JPY561.2bn (+2.6% YoY), with operating profit at JPY29.7bn (+6.5% YoY).</li><li>For FY03/26, the company forecasts sales of JPY580.0bn (+3.4% YoY) and net income of JPY19.0bn (+248.0% YoY).</li><li>Under the Medium-Term Business Plan 2025–28, the company aims for a 7% operating profit margin by FY03/29.</li></ul>

In FY03/25, sales reached JPY561.2bn (+2.6% YoY), with operating profit at JPY29.7bn (+6.5% YoY).For FY03/26, the company forecasts sales of JPY580.0bn (+3.4% YoY) and net income of JPY19.0bn (+248.0% YoY).Under the Medium-Term Business Plan 2025–28, the company aims for a 7% operating profit margin by FY03/29.

Morinaga Milk Industry Co (2264 JP): Full-year FY03/25 flash update

<ul><li>Cumulative Q3 FY03/25 sales were JPY430.7bn (+1.8% YoY), with operating profit at JPY2.5bn (-8.9% YoY).</li><li>Net income fell by 76.5% YoY due to reduced operating and recurring profits and absence of prior extraordinary gains.</li><li>Sales increased across all business segments, but operating profits declined due to rising costs and promotional expenses.</li></ul>

Cumulative Q3 FY03/25 sales were JPY430.7bn (+1.8% YoY), with operating profit at JPY2.5bn (-8.9% YoY).Net income fell by 76.5% YoY due to reduced operating and recurring profits and absence of prior extraordinary gains.Sales increased across all business segments, but operating profits declined due to rising costs and promotional expenses.

Morinaga Milk Industry Co (2264 JP): Q3 FY03/25 flash update

<ul><li>Q1 FY03/25 sales were JPY140.6bn (+0.6% YoY), operating profit JPY847mn (-11.7% YoY), and net income JPY5.3bn (-90.0% YoY).</li><li>Sales increased in Nutrition and Functional Foods (+2.3% YoY), Core Foods (+3.9% YoY), and B-to-B (+4.2% YoY).</li><li>Overseas business sales declined by 7.4% YoY, with operating profit down 68.2% YoY due to MILEI GmbH downturn.</li></ul>

Q1 FY03/25 sales were JPY140.6bn (+0.6% YoY), operating profit JPY847mn (-11.7% YoY), and net income JPY5.3bn (-90.0% YoY).Sales increased in Nutrition and Functional Foods (+2.3% YoY), Core Foods (+3.9% YoY), and B-to-B (+4.2% YoY).Overseas business sales declined by 7.4% YoY, with operating profit down 68.2% YoY due to MILEI GmbH downturn.

Morinaga Milk Industry Co (2264 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last week, Japanese dairy play <strong><a href="https://www.smartkarma.com/entities/morinaga-milk-industry-co" target="_blank" data-smartkarma-citation="entities:20907:1" rel="noopener">Morinaga Milk Industry Co (2264 JP)</a></strong> acquired a soy-based food company in the US and a baby formula distribution company in Vietnam</li>
<li>These acquisitions are in keeping with Moringa's medium-term business plan (to Mar-2025) to achieve an overseas sale ratio of 13%, compared to 8.7% last year.</li>
<li>3Q23 results were also announced with 9M23 sales and operating profit of ¥405.2bn and ¥20.5bn, a change of +16.8% and -7.2% yoy.</li>
</ul>


Last week, Japanese dairy play Morinaga Milk Industry Co (2264 JP) acquired a soy-based food company in the US and a baby formula distribution company in Vietnam
These acquisitions are in keeping with Moringa's medium-term business plan (to Mar-2025) to achieve an overseas sale ratio of 13%, compared to 8.7% last year.
3Q23 results were also announced with 9M23 sales and operating profit of ¥405.2bn and ¥20.5bn, a change of +16.8% and -7.2% yoy.


Morinaga Milk (2264 JP)'s Overseas Expansion

Travis Lundy

<ul>
<li>Morinaga &amp; Co is selling down a near-10% stake in Morinaga Milk in a ToSTNeT-3 buyback on 1 March. </li>
<li>Morinaga Milk will see an EPS and ROE uplift. Eventually, there are a lot more cross-holdings to buy back.</li>
<li>Near-, medium-, and longer-term there are different flow patterns worth understanding if you have a position or are looking for one. If you want to sell lots, you can tomorrow.</li>
</ul>


Morinaga &amp; Co is selling down a near-10% stake in Morinaga Milk in a ToSTNeT-3 buyback on 1 March. 
Morinaga Milk will see an EPS and ROE uplift. Eventually, there are a lot more cross-holdings to buy back.
Near-, medium-, and longer-term there are different flow patterns worth understanding if you have a position or are looking for one. If you want to sell lots, you can tomorrow.


Morinaga (2201) Mostly Exits Morinaga Milk (2264) - Big Buyback

Japan

Morinaga Milk Industry Co., Ltd. produces and sells milk and related dairy products such as ice cream and yogurt.  The Company also develops biochemical product and pharmaceutical.

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Morinaga Milk Industry Co (2264 JP)