高盛：日本消费品_亚洲投资者访问反馈

Investment Ratings - Ajinomoto: Buy, ¥5,816 [14] - Asahi Group: Buy, ¥1,797 [14] - Kao: Neutral, ¥6,901 [14] - Kikkoman: Neutral, ¥1,675 [14] - Nissin Foods Holdings: Buy, ¥4,111 [14] - Rohto Pharmaceutical: Buy, ¥3,564 [14] - Shiseido: Neutral, ¥3,690 [14] - Suntory Beverage & Food Ltd.: Buy, ¥5,249 [14] - Toyo Suisan Kaisha: Buy, ¥9,202 [14] - Unicharm: Buy, ¥5,048 [14] - Yamazaki Baking: Buy, ¥2,821 [14] Core Insights - Strong interest from investors in Japanese consumer products, particularly in beverage and food sectors, with notable mentions of Asahi Group and Suntory Beverage & Food [1][2] - Investors expressed a bullish outlook on Suntory Beverage & Food, expecting double-digit operating profit growth due to recent beverage price hikes [2] - Concerns were raised regarding Asahi's sales trends and lack of catalysts, although its stable profit growth and shareholder returns were viewed positively [2] - Ajinomoto is anticipated to show stronger year-on-year profit growth, while Kikkoman's medium-term growth prospects have improved despite exchange rate concerns [3][6] - Instant noodle makers Nissin Foods and Toyo Suisan are facing challenges in the US market but are considered undervalued by some investors [5] - In the cosmetics sector, Shiseido faces pessimism, with investors wary of share price volatility due to speculation about Chinese economic measures [5][6] Beverage Sector Summary - Overall market trends indicate a 22% year-on-year decline in beer-type product volume, while soft drink volume decreased by 5% [7] - Asahi Group and Kirin Holdings experienced slightly below-market growth in beer-type sales, but Kirin's standard beer volume grew by double digits, aided by new product launches [7] - Suntory Beverage & Food's soft drink sales volume was down 8% year-on-year, attributed to a high base from the previous year [7]