Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Securities analyst covering electronics, precision equipment & robotics, engineering, construction, transport and other sectors for more than 25 years in Japan and 3 years in Korea. Permanent resident of Japan.

Senior Technology Analyst, Japanese Equities

Pharma Foods International (2929 JP): 1Q Loss from Up-Front Advertising Expenses

Pharma Foods International (2929 JP): Unique Bio-Tech Drives Long-Term Growth

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Pharma Foods International / Equity Bottom-Up

<ul>
<li>Management has adjusted FY July 2026 guidance after 2Q results that were in line with our expectations. Sales guidance has been lowered slightly while profit guidance has been raised.</li>
<li>In 2Q, sales growth accelerated, selling expenses were reduced and the company got out of the red. Profits should increase further in 2H.</li>
<li>The upward revision to profit guidance has cut the projected P/E ratio for this fiscal year from 20.4x to 13.6x. </li>
</ul>


Management has adjusted FY July 2026 guidance after 2Q results that were in line with our expectations. Sales guidance has been lowered slightly while profit guidance has been raised.
In 2Q, sales growth accelerated, selling expenses were reduced and the company got out of the red. Profits should increase further in 2H.
The upward revision to profit guidance has cut the projected P/E ratio for this fiscal year from 20.4x to 13.6x. 


Pharma Foods International (2929 JP): Profit Guidance Raised