Currency Tailwinds and Strong Domestic Price Led Growth and Valuation Higher

In our view, Kikkoman is one of the best-known soy sauce brands globally, with its soy sauce dating back to 17th-century Japan in Noda, Chiba Prefecture, and the company itself is the leading soy sauce manufacturer since its establishment in 1917. More recently, Kikkoman has focused on diversifying and internationalizing its products as the per capita consumption of soy sauce declines and population growth retreats in Japan. It has expanded its product portfolio to include foods that fit the rising health awareness of consumers.