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Stock With Momentum: Ajinomoto
by Cals Wed 16 Dec 2015, 01:31
Stock With Momentum: Ajinomoto
By Asia Analytica / The Edge Financial Daily | December 15, 2015 : 10:39 AM MYTThis article first appeared in The Edge Financial Daily, on December 15, 2015.
[size=16]Ajinomoto (M) Bhd ([You must be registered and logged in to see this image.] Valuation: 1.40, Fundamental: 2.80) (-ve)
SHARE price of Ajinomoto (Fundamental: 2.8/3, Valuation: 2/3) has risen by 41.8% since it was first recommended by InsiderAsia on November 4 last year. The stock closed 4.6% higher at RM7.90 yesterday.
InsiderAsia likes Ajinomoto for its market-leading position, defensive qualities and undemanding valuations.
A household name, “Ajinomoto” is also synonymous with Monosodium Glutamate (MSG), where it commands a staggering 90% market share in Malaysia. MSG contributes about two-third of the company’s sales with the balance from food and seasoning products.
Exports, mainly to the Middle East, accounted for 35.2% of its sales in FYMarch2015, up from 31.0% in FY2012. Ajinomoto also stands to benefit from lower commodity prices.
For 1HFY2016, net profit surged 43.1% y-y to RM22.7 million on the back of an 8.5% growth in revenue to RM189.5 million. The increase in profit margin was mainly due to higher sales and better profit margins from export sales.
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