Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Thematic (Sector/Industry)

Given the bland growth prospects that currently characterize the consumer products space, investors looking for better growth prospects—without sacrificing solid fundamentals—should give ingredient suppliers a look. As intermediaries in the supply chain, ingredients are central to consumer products' success, providing taste, texture, and scent.With healthy sector dynamics and strong company fundamentals, this is an interesting space with competitively advantaged names for long-term investors. We highlight <a href="https://www.smartkarma.com/entities/21724" target="_blank" data-smartkarma-citation="entities:21724:1">Symrise AG (SY1 GR)</a> as our current top investment opportunity in an ingredients space. Other companies covered in the report include: <a href="https://www.smartkarma.com/entities/22291" target="_blank" data-smartkarma-citation="entities:22291:1">Barry Callebaut AG (BARN SW)</a>, Christian Hansen, <a href="https://www.smartkarma.com/entities/22578" target="_blank" data-smartkarma-citation="entities:22578:1">Givaudan SA (GIVN VX)</a>,   <a href="https://www.smartkarma.com/entities/4284" target="_blank" data-smartkarma-citation="entities:4284:1">Ingredion Inc (INGR US)</a>, <a href="https://www.smartkarma.com/entities/12337" target="_blank" data-smartkarma-citation="entities:12337:1">Intl Flavors &amp; Fragrances (IFF US)</a>, <a href="https://www.smartkarma.com/entities/22026" target="_blank" data-smartkarma-citation="entities:22026:1">Kerry Group PLC (KYG ID)</a> and <a href="https://www.smartkarma.com/entities/22176" target="_blank" data-smartkarma-citation="entities:22176:1">Tate &amp; Lyle PLC (TATE LN)</a>.  Analyst: Adam Kindreich, CFA

Given the bland growth prospects that currently characterize the consumer products space, investors looking for better growth prospects—without sacrificing solid fundamentals—should give ingredient suppliers a look. As intermediaries in the supply chain, ingredients are central to consumer products' success, providing taste, texture, and scent.With healthy sector dynamics and strong company fundamentals, this is an interesting space with competitively advantaged names for long-term investors. We highlight Symrise AG (SY1 GR) as our current top investment opportunity in an ingredients space. Other companies covered in the report include: Barry Callebaut AG (BARN SW), Christian Hansen, Givaudan SA (GIVN VX),   Ingredion Inc (INGR US), Intl Flavors &amp; Fragrances (IFF US), Kerry Group PLC (KYG ID) and Tate &amp; Lyle PLC (TATE LN).  Analyst: Adam Kindreich, CFA 

Ingredients: Benefiting From Powerful Moat Sources Despite Absence of Branding or Pricing Power

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

CP All, the world's third largest 7-Eleven chain, is one of our five top picks. While we agree there is controversy given its high valuations and the lackluster prospects of its subsidiary Siam Makro, we like its potential as an e-commerce logistics juggernaut and bank (similar to 7 Bank in Japan) and, of course, the core strengths implicit in its original business model (small format, multi-product platform, negative working capital cycle, etc).

CP All, the world's third largest 7-Eleven chain, is one of our five top picks. While we agree there is controversy given its high valuations and the lackluster prospects of its subsidiary Siam Makro, we like its potential as an e-commerce logistics juggernaut and bank (similar to 7 Bank in Japan) and, of course, the core strengths implicit in its original business model (small format, multi-product platform, negative working capital cycle, etc).

Taiwan

Lien Hwa Industrial Corporation manufactures and markets food products, such as flour, wheat, barley cereal, pizza, and pasta.  Also, the Company manufactures agricultural and mining tools as well as boats.

Great Wall Enterprise Co., Ltd. produces and markets livestock feeds, cooking oils, and meat products.

Standard Foods Corporation manufactures and sells powdered milk, cooking oil, baby foods, cereals, drinking water, and herbal drinks.  The Company operates as an agent to market Mentos candies.

Lian Hwa Foods Corporation manufactures and markets foods, snacks, and beverages. The Company processes seaweed, nuts, potato chips, and jam. Also, Lian Hwa produces fresh food such as sandwich, sushi and cold noodle.

Charoen Pokphand Enterprise (Taiwan) Co., Ltd. produces and distributes animal feeds. Additionally, the Company operates in the poultry slaughtering and meat processing business.

Formosa Oilseed Processing Co., Ltd. manufactures and sells a variety of cooking oils, livestock and fish feeds, feed ingredients, and corn products.  The Company has an agreement with Hunt-Wesson Inc. to manufacture and market Hunt-Wesson's products.

TTET Union Corporation manufactures soy bean powder, cooking oil, and soy bean oil. The Company's soy bean products are widely used for animal feed and cooking oil is widely used by restaurants and food processing factories.

Namchow Chemical Industrial Co., Ltd. manufactures edible oils, industrial oils, soaps, detergents, shampoos, and frozen dough. The Company produces ice cream products, juices, cookies, and instant noodles through its subsidiaries. Namchow Chemical Industrial markets the products of Nabisco, Kellogg's, and Haagen-Dazs in Taiwan.

Taisun Enterprise Co., Ltd. manufactures soy bean powder, cooking oils, animal feeds, snacks, soft drinks, and frozen food.  The Company also invests in real estate.

Ve Wong Corporation manufactures and markets food products. The Company produces Monosodium Glutamate (MSG), instant noodles, soy sauce, canned foods, and soft drinks.

Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

Tata Consumer Products Limited produces food and beverage products. The Company manufactures, sells, and exports tea, coffee, salt, oil, pulses, spices, and food products. Tata Consumer Products serves customers worldwide.

Campbell Soup Company, with its subsidiaries, manufactures and markets branded convenience food products.  The Company's core divisions include soups and sauces, biscuits and confectionery, and foodservice.  Campbell's distributes its products worldwide.

Ajinomoto Co., Inc. produces and sells a variety of food products, including seasonings, edible oils, processed foods, beverages, and dairy products.  The Company also develops and manufactures pharmaceuticals, amino acids, and specialty chemicals.

The JM Smucker Company manufactures and markets food products on a worldwide basis. The Company's principal products include peanut butter, shortening and oils, fruit spreads, canned milk, baking mixes and ready-to-spread frostings, flour and baking ingredients, juices and beverages, frozen sandwiches, dessert toppings, syrups, pickles and condiments, and potato side dishes.

KIKKOMAN CORPORATION produces and markets soy sauce, alcoholic beverages, and other food products.  The Company has marketing rights for Del Monte brand products outside of the United States.  Kikkoman also operates restaurants in Japan and other countries.

Bunge Limited is a global agribusiness and food company. The Company buys, sells, stores, transports and processes oilseeds and grains to make protein meal for animal feed and edible oil products for commercial customers and consumers. Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and sells fertilizer.

Hormel Foods Corporation manufactures and markets consumer-branded meat and food products.  The Company processes meat and poultry products and produces a variety of prepared foods.  Hormel markets its products around the world under a variety of branded names.

Tongwei Co., Ltd. produces and markets aquatic and animal feeds. The Company also sells animal medicines.

McCormick & Company, Inc. manufactures, markets, and distributes flavor products (including spices, herbs, extracts, seasonings and flavorings) and other specialty food products to the food industry. The Company sells to retail stores, food manufacturers, and food service businesses.

Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts.  The Company also operates vending machines and food distribution centers in Taiwan.

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Uni President Enterprises (1216 TT)

Ingredients: Benefiting From Powerful Moat Sources Despite Absence of Branding or Pricing Power

Given the bland growth prospects that currently characterize the consumer products space, investors looking for better growth prospects—without...

Morningstar, Inc.

CP All: A Walk Down the Memory Lane

CP All, the world's third largest 7-Eleven chain, is one of our five top picks. While we agree there is controversy given its high valuations and...

Athaporn Arayasantiparb, CFA

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