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Ito En (2593) ( english | Japanese version ) Sep 03, 2010
Strong 1Q results on firm parent sales growth, contribution from subsidiaries
Sector Foods/Tobacco/Beverage Market Cap Small Cap < 200B
Author Hiroshi,Saji Pages 9
Ito En announced 1Q FY4/11 results on 2 September. While drink sales at the parent rose a strong 8.4% YoY, boosted by favorable growth in black tea products, earnings also benefited from the company's continued efforts to limit sales promotion costs. Among the subsidiaries, contributions were especially strong from Ito En North America and Tully's Coffee Japan. The black tea TEAS' TEA brand, launched in August 2009, drove sales in the parent beverages business, while sales of Japanese teas, including green teas that comprise 50% of sales, grew just 1.2% in 1Q, negatively impacted by a decline in selling prices.
Sector Outlook ( english | Japanese version ) Sep 02, 2010
Beverages sector
Sector Foods/Tobacco/Beverage Market Cap
Author Hiroshi,Saji Pages 3
Beer shipment volume growth sluggish at 0.4% despite hottest summer on record
Yakult Honsha (2267) ( english | Japanese version ) Sep 01, 2010
Launching home-delivered Mirumiru products designed for adults on 4 Oct
Sector Foods/Tobacco/Beverage Market Cap Large Cap > 400B
Author Hiroshi,Saji Pages 4
On 1 September, Yakult Honsha announced that in light of recent brisk sales of its bifido-enriched Mirumiru yogurt drink, re-released to the market in March after five years, it plans to add Mirumiru S, designed for adults who show a notable reduction in bifidobacterium, to its lineup of Mirumiru-brand products. The release date is set for 4 October. On 13 July, the company announced that Mirumiru S, which it developed in-house, was certified as a GRAS (generally recognized as safe) substance in the US. (GRAS is a certification granted after screening for safety by experts.)
Coca-Cola West (2579) ( english | Japanese version ) Aug 31, 2010
Acquiring Q'Sai for JPY63.9b; looks expensive; focusing on new expansion results
Sector Foods/Tobacco/Beverage Market Cap Small Cap < 200B
Author Hiroshi,Saji Pages 3
On 30 August, Coca-Cola West announced that it would acquire Q'Sai, a health food producer of such products as kale powder, hyaluronic acid collagen, and fermented soy extract, for a total of JPY63.9b (including underwritten liabilities, etc., of JPY27.4b). Coca-Cola West plans to acquire all of the outstanding shares in Q'Sai from several investment funds by 1 October, and goodwill, including the existing portion, is estimated to amount to about JPY50.0b.
Kirin Holdings (2503) ( english | Japanese version ) Aug 30, 2010
Using approx. JPY11b stock swap to turn Mercian into a wholly owned subsidiary
Sector Foods/Tobacco/Beverage Market Cap Large Cap > 400B
Author Hiroshi,Saji Pages 3
Kirin Holdings announced on 27 August that it would acquire all shares in domestic alcoholic beverage subsidiary Mercian in a stock swap scheduled for 1 December to turn the company into a wholly owned subsidiary. The company plans to exchange one ordinary share in Mercian for 0.14 Kirin Holdings share. Accordingly, Kirin Holdings plans to issue 9,336,502 new shares, which corresponds to 0.98% of outstanding shares at the end of 1H FY12/10 (953,201,164 shares), excluding treasury stock (31,307,223 shares).
Asahi Breweries (2502) ( english | Japanese version ) Aug 27, 2010
Acquiring no. 3 Australian beverage co. for JPY27.2b; holding co. from next July
Sector Foods/Tobacco/Beverage Market Cap Large Cap > 400B
Author Hiroshi,Saji Pages 4
On 26 August, Asahi Breweries announced that it had reached an agreement to acquire all shares of P&N Beverages, Australia's third largest beverage company, for AUD364m (around JPY27.2b, including obligations) by the end of November. Management hopes to strengthen its beverages business in Australia through synergies with Schweppes, the second largest beverage company in Australia, which Asahi acquired in April 2009.
Nissin Food Holdings (2897) ( english | Japanese version ) Aug 25, 2010
Announces re-launch of Nissin Raoh using next-generation, non-fried noodles
Sector Foods/Tobacco/Beverage Market Cap Mid Cap 200-400B
Author Hiroshi,Saji Pages 3
On 24 August, Nissin Foods Holdings announced the 6 September re-launch of Nissin Raoh in the Greater Tokyo area. The new version will use a next-generation, non-fried noodle that is more like fresh noodles than the recently developed "fresh type" noodles. The company aims to expand sales nationwide from 4 October. Production of Nissin Raoh was initially halted on 2 August.
Sector Outlook ( english | Japanese version ) Aug 25, 2010
Foods sector
Sector Foods/Tobacco/Beverage Market Cap
Author Hiroshi,Saji Pages 4
Govt. prices of imported wheat prices set to rise, a step toward deregulation Companies Mentioned in this Report: NIPPON FLOUR MILLS (2001), Nisshin Seifun Group (2002)
Nippon Meat Packers (2282) ( english | Japanese version ) Aug 24, 2010
Lowering rating to Neutral on concern over sales competition in meat business
Sector Foods/Tobacco/Beverage Market Cap Mid Cap 200-400B
Author Hiroshi,Saji Pages 9
We are lowering our rating on Nippon Meat Packers from Outperform to Neutral. Based on our additional research after the results briefing, share price indicators make the stock appear less undervalued following the downward revision to our earnings forecasts. In addition, with the emergence of concern regarding sales competition in the mainstay meat business, we believe that downside risk has arisen.
Yamazaki Baking (2212) ( english | Japanese version ) Aug 24, 2010
Lowering rating to Neutral, as Fujiya's rapid earnings recovery leveling off
Sector Foods/Tobacco/Beverage Market Cap Mid Cap 200-400B
Author Hiroshi,Saji Pages 9
We are lowering our rating on Yamazaki Baking from Outperform to Neutral. We have long seen the conversion of Fujiya into a consolidated subsidiary (announced in November 2008) as a boost to the company's medium-term growth potential, but we are lowering our rating in response to signs that the rapid earnings recovery at Fujiya is now leveling off.
Sector Outlook ( english | Japanese version ) Aug 24, 2010
Foods sector
Sector Foods/Tobacco/Beverage Market Cap
Author Hiroshi,Saji Pages 3
Nikkei: MAFF considering 1% hike in resale price for imported wheat from Oct Companies Mentioned in this Report: Nisshin Seifun Group (2002), Yamazaki Baking (2212), Nissin Foods Holdings (2897)
Sector Outlook ( english | Japanese version ) Aug 19, 2010
Retail and Foods Monthly (Aug 2010) - Full version of 8/16/10
Sector Foods/Tobacco/Beverage Market Cap
Author Hiroshi,Saji Pages 123
Recovery trend continues, due in part to summer heat wave Companies Mentioned in this Report: Lawson (2651), Askul (2678), Alpen (3028), Matsumotokiyoshi Holdings (3088), Isetan Mitsukoshi Holdings (3099), Circle K Sunkus (3337), Seven & I Holdings (3382), Tsuruha Holdings (3391), Ryohin Keikaku (7453), Paris Miki Holdings (7455), Don Quijote (7532), Sugi Holdings (7649), Onward Holdings (8016), FamilyMart (8028), Shimachu (8184), Otsuka Kagu (8186), Aoyama Trading (8219), Shimamura (8227), Takashimaya (8233), H2O Retailing (8242), Marui Group (8242), Aeon (8267), Uny (8270), Izumi (8273), Yaoko (8279), Xebio (8281), K's Holdings (8282), Yamada Denki (9831), Fast Retailing (9983), Sundrug (9989)
Asahi Breweries (2502) ( english | Japanese version ) Aug 17, 2010
Soft drink sales at joint venture with Tingyi Holdings grow 40% in 1H FY12/10
Sector Foods/Tobacco/Beverage Market Cap Large Cap > 400B
Author Hiroshi,Saji Pages 3
Tingyi Holdings announced 1H FY12/10 results on 16 August. Although profits attributable to shareholders grew only 10.2% YoY, due in part to higher raw material prices, we noted positive developments in the soft drinks business, including sales growth at the soft drink joint venture with Asahi Breweries, in which Asahi has a 40% stake. This joint venture posted 29.5% sales growth in 1Q and 47.0% sales growth in 2Q. Market share is increasing in the soft drink business in all major product categories.
Kirin Holdings (2503) ( english | Japanese version ) Aug 17, 2010
1H FY12/10 earnings firm, but Australian beer business a short-term risk
Sector Foods/Tobacco/Beverage Market Cap Large Cap > 400B
Author Hiroshi,Saji Pages 4
We see a mix of positive and negative points in Kirin Holdings' 1H FY12/10 results, announced on 16 August. The company is promoting cost reduction synergies throughout the group, and it achieved 1H cost reductions of JPY5.1b (versus a full-year target of JPY7.5b). As a result, 1H OP came in at JPY59.8b, 20% (or JPY9.8b) higher than the company target and 9% (or JPY4.8b) above our estimate .
Asahi Breweries (2502) ( english | Japanese version ) Aug 16, 2010
Expect higher overseas earnings in FY12/11, increased contribution from Tsingtao
Sector Foods/Tobacco/Beverage Market Cap Large Cap > 400B
Author Hiroshi,Saji Pages 10
We are revising our earnings forecasts for Asahi Breweries after a followup interview with the company regarding 1H FY12/10 results (see our report of 30 July and intraday comment of 3 August). Our revised FY12/10 RP estimate is 3% higher than guidance and 4% higher than the 13 August IFIS consensus forecast. This is due to our expectations for a growth in profit in the domestic alcohol business, driven by cost reductio
 
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