Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

The 1Q result was good and confirms that the full year forecast is conservative. 1Q operating profit came in at Y5.2bn (+10%) vs. Y9.2bn (-7%) expected for the first half and Y20bn (-5%) expected for the full year. The better result was largely due to better than expected sales across the board. Food sales (mainly industrial margarine) rose 9% last year and were expected to rise 7% this year. 1Q sales rose 13% with operating profit coming in at Y444m, 10% ahead of expectations. Management’s…

The 1Q result was good and confirms that the full year forecast is conservative. 1Q operating profit came in at Y5.2bn (+10%) vs. Y9.2bn (-7%) expected for the first half and Y20bn (-5%) expected for the full year. The better result was largely due to better than expected sales across the board. Food sales (mainly industrial margarine) rose 9% last year and were expected to rise 7% this year. 1Q sales rose 13% with operating profit coming in at Y444m, 10% ahead of expectations. Management’s…

Adeka Corp

Adeka (4401) Good 1Q Results.