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Meiji Holdings Co Ltd 2269

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Stock XTKS Rating as of
JPY 3,549.00 +38.00 (1.08%)
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Company Report

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Meiji's Profit Outlook Hinges on Probiotics Volume Recovery and China Distribution Expansion

Jeanie Chen

Margin expansion through growth in value-added health foods and an enlarged overseas sales scale will continue to serve as a key driving force behind Meiji’s midterm growth. Meiji’s efforts to raise profitability through growth in premium functional foods, rationalization of its product portfolio, and cost-cutting initiatives have borne fruit, with margins expanding since bottoming in fiscal 2011. Yet the pace of margin expansion has been slowing.

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Price vs Fair Value

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2269 is trading within a range we consider fairly valued.
Price
JPY 3,511.00
Fair Value
JPY 7,988.00
Uncertainty
Medium
1-Star Price
JPY 2,792.50
5-Star Price
JPY 8,567.00
Economic Moat
Tzypcw
Capital Allocation
Rmqlhynx

Bulls Say, Bears Say

Bulls

Meiji is poised to ride on the global health trend and capture rising demand for health and functional foods in Asia, particularly China.

Bears

Top-line growth seems capped by limited domestic volume growth as the population shrinks, while overseas development is still in the early stages.

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Trading Information

Previous Close Price
JPY 3,511.00
Day Range
JPY 3,489.00–3,570.00
52-Week Range
JPY 3,100.00–3,823.00
Bid/Ask
JPY 3,543.00 / JPY 3,550.00
Market Cap
JPY 990.55 Bil
Volume/Avg
943,500 / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
15.44
Price/Sales
0.89
Dividend Yield (Trailing)
2.71%
Dividend Yield (Forward)
2.71%
Total Yield
2.71%

Company Profile

Meiji Holdings was established in April 2009 as a merged entity of Meiji Dairies, Japan’s largest dairy company, and Meiji Seika, the country’s number-two confectionery maker. The amalgamation was propelled by a surge in commodity prices, Japan’s aging and shrinking population, and fierce competition. The food business, comprising dairy and confectionery operations, represents more than 80% of the group’s sales and profits. The rest mainly comes from the pharmaceutical business, specializing in antibacterial and generic drugs, as well as vaccines. Meiji is looking to step up overseas expansion of the food business, particularly in China, which will serve as a key growth driver over the medium term.
Sector
Consumer Defensive
Industry
Packaged Foods
Stock Style Box
Mid Value
Total Number of Employees
24,532
Website
http://www.meiji.com

Competitors

Valuation

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Metric
2269
02319
600887
Price/Earnings (Normalized)
 15.4410.2617.83
Price/Book Value
 1.301.253.38
Price/Sales
 0.890.561.39
Price/Cash Flow
 8.405.4610.84
Price/Earnings
2269
02319
600887

Financial Strength

Metric
2269
02319
600887
Quick Ratio
 0.970.990.70
Current Ratio
 1.721.200.99
Interest Coverage
 254.034.346.62
Quick Ratio
2269
02319
600887

Profitability

Metric
2269
02319
600887
Return on Assets (Normalized)
 6.38%5.00%6.81%
Return on Equity (Normalized)
 10.46%14.46%18.67%
Return on Invested Capital (Normalized)
 8.71%6.28%9.64%
Return on Assets
2269
02319
600887
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