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Disposal of treasury stock as restricted stock compensation for KENKO Mayonnaise has been completed.
On the 21st, KENKO MAYONNAISE <2915> announced that the capital contribution procedures for the disposal of treasury stock as restricted stock compensation, resolved at the board meeting held on July 22, 2024, have been completed. The disposal date is August 21, 2024, the type of stock disposed is common stock of the company, the disposal price is 2,179 yen per share, the total disposal amount is 29,584,283 yen, the disposal recipients are 6 directors of the company (excluding external directors), and the number of shares disposed is 13,577.
Kenko Mayo Research Memo (9): Aiming to achieve PBR of more than 1x early.
■ Measures towards achieving management that considers capital costs and stock prices 2. Approach policyKewpie Mayonnaise <2915> aims to increase its ROE to more than 8% by strengthening its capital strategy in addition to promoting its growth strategy for increasing earnings and profitability as part of its efforts towards achieving a PBR of 1x and improving corporate value. (1) Policies aimed at achieving an operating margin of 6% or higherImproving the operating margin is essential for raising the current net margin, which is one of the components of ROE.
Kenko Mayo Research Memo (8): Due to significant environmental changes such as the COVID-19 pandemic, profitability has declined and PBR continues to remain below 1.0.
Measures towards achieving management that is conscious of capital costs and stock prices: 1. Current Situation Analysis Based on Tokyo Stock Exchange's request for companies with a PBR of less than 1 in March 2023 to disclose and implement improvement measures, Kewpie Mayonnaise Co., Ltd.<2915> also announced measures towards achieving management that is conscious of capital costs and stock prices. Although the company had been below a PBR of 1 since 2020 due to poor performance, it prioritized profit in its efforts leading up to the end of March 2024.
Kenko Mayo Research Memo (6): Revised upward its performance for the year ending March 2025 and updates highest profit record in 7 periods.
■Future Outlook 1. On August 5, 2024, Kewpie Corporation <2915> revised its forecast for the fiscal year ending March 2025 upwards, in conjunction with the announcement of its Q1 performance for that fiscal year. Sales revenue increased by 3.7% over the previous period to ¥9.2 billion (an increase of ¥200 million on the initial plan), operating profit increased by 52.6% to ¥450 million (an increase of ¥130 million), and ordinary profit increased by 50.0% to ¥465 million (an increase of ¥135 million).
Kenko Mayo Research Memo (5): The company's financial structure has significantly improved as a result of investment suppression since the outbreak of the coronavirus.
Performance Trends 3. Financial Condition and Management Indicators As of the end of March 2024, the total assets of Kenko Mayonnaise Co., Ltd. (2915) increased by JPY 5,141 million compared to the previous period to JPY 67,370 million. In current assets, cash and deposits increased by JPY 3,440 million, and accounts receivable increased by JPY 2,984 million. In fixed assets, tangible fixed assets decreased by JPY 2,237 million due to the absence of large-scale equipment investment and accelerated depreciation, while intangible fixed assets increased due to the development of new core systems.
Kenko Mayo Research Memo (4): Mayonnaise dressing and salad/innovative dishes have increased their revenue by double digits.
- Performance Trend of Kewpie Mayonnaise <2915> 2. Business Segment Trend (1) Sales of condiments and processed food business increased by 8.5% to 69,101 million yen compared to the previous year, and the segment profit recovered sharply to 2,571 million yen (235 million yen loss in the previous year). Sales increased for the third consecutive period due to the recovery of out-of-home demand and the effect of price revision. In terms of profit, it has recovered to the level of fiscal year 2020 (2,532 million yen) before the outbreak of COVID-19. Looking at the sales trends by product, mayonnaise
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