DOCSLIB.ORG

Beverage Sector Initiation Research Analysts INITIATION

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Beverage Sector Initiation Research Analysts INITIATION 09 December 2014 Asia Pacific/Japan Equity Research Beverage (Food (Japan)) / MARKET WEIGHT Beverage Sector Initiation Research Analysts INITIATION Masashi Mori 81 3 4550 9695 [email protected] MARKET WEIGHT on sector, most positive on Asahi Initiate coverage: We initiate coverage of Japan’s beverage sector, with a NEUTRAL rating on Asahi Group Holdings (2502, TP ¥4,050) and Suntory Beverage & Food (SBF; 2587, TP ¥4,500), and an UNDERPERFORM rating on Kirin Holdings (2503, TP ¥1,400). All three stocks have risen recently, pulled up by market factors. We think further upside may be limited, based on a valuation comparison with global brewers and soft drink makers that factors in profit growth potential, ROE, and shareholder returns. Moreover, for all three companies our OP estimates for FY15 onward are lower than the I/B/E/S consensus; we therefore assign the beverage subsector a MARKET WEIGHT investment stance. The shortage in our forecasts versus consensus is smallest for Asahi at 2%, compared with 9% for Kirin and 5% for SBF. Our top pick in the Japanese beverage sector is Asahi for its favorable balance between steady profit growth and shareholders returns. Japan market: We think the competitive landscape for domestic brewers and soft drink makers will be much the same in 2015 as in 2014. While we will be closely monitoring business plans due out in Jan–Feb 2015, 2015 is the final year of the current medium term plan for all three companies and we do not expect much change in business or product strategies. Kirin should continue to lag its rivals in both the beer and soft drink markets. Asahi: We look for Asahi to post record OP gain in 2015, bolstered by a full-year contribution from recent Southeast Asia acquisitions and the effects of an exhaustive worldwide cost-cutting program. Asahi is targeting a total payout ratio of 50% or higher and seems likely to repurchase shares in 2015 for the third time in as many years. No major change is expected in the company’s stance on shareholder returns in the new medium-term plan kicking off in 2016. Asahi is in sight of its 2014 goals for unit sales in the fast-growing premium beer category; we will be interested to see if this momentum is sustained in 2015. Suntory B&F: We see prospects for double-digit CAGR in OP over the next three years. The company has stepped up selection and focus on its major brands in all world regions, and profit growth should remain stable from 2015, supported by stepped-up global cost reduction initiatives. SBF is unlikely to substantially boost shareholder returns, considering capital requirements for M&A activity and its low share liquidity. Kirin: We expect Kirin to continue experiencing tough times in 2015, owing to: (1) the absence of effective strategies for boosting sales by the beer and soft drinks business in Japan; (2) diminishing effects from sales mix improvement and price hikes in the alcoholic beverage business in Australia, which is currently performing well; and (3) slower growth in the highly competitive Brazilian market. Share price downside from our target price is limited, as the stock looks relatively undervalued compared with global brewers and soft drink makers and raises expectations of a high dividend yield; however, we see no catalysts for share price recovery. While earnings remain downbeat, we think Kirin will continue prioritizing shareholder returns. DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access 09 December 2014 Key charts Figure 1: Asahi continues to grow its share of the Figure 2: Asahi entering fast-growing premium beer domestic beer market category YEBISU (Sapporo) (%) (10k cases) 70 Asahi 2,000 The Premium Malt's (Suntory) 16% Kirin 1,800 a % of premium category in regular beer 60 Sapporo 14% 1,600 Suntory 12% 50 1,400 1,200 10% 40 37.6% 1,000 8% 30 34.8% 800 6% 600 20 4% 14.7% 400 2% 10 12.0% 200 0 0% 0 03 04 05 06 07 08 09 10 11 12 13 14E 53 58 63 68 73 78 83 88 93 98 03 08 13 Source: Company data, Credit Suisse Note: Shows premium beer sales volume as percentage of entire beer market Source: Company data and estimates, Credit Suisse Figure 3: In the Japanese soft drink market, Suntory, Figure 4: Suntory B&F benefits most from weak yen; Asahi, and Ito En are adding to market share, while Coca- Asahi expanding in SE Asia; Kirin HD focusing on Cola and Kirin are struggling Oceania Asahi GHD Kiriin HD Suntory B&F (%) (%) 30.1 FY0 Japan 79% 53% 64% 14 31 Asahi sales Overseas 11% 30% 36% 12.8 13 12.5 mix Other (ex bev) 10% 17% 0% 28.5 29 Japan 91% 37% 47% 27.3 27.7 Itoen FY0 OP 12 Overseas 6% 29% 53% 27 mix 10.5 11.5 Other (ex bev) 4% (food) 33% (pharma) 0% 11 11.1 Oceania soft 10.6 25 Kirin Europe soft drink 10 drink (68%), Oceania alcohol 10.2 (54%), Oceania Overseas FY0 OP Oceania alcohol (79%), Oceania 9 23 soft drink (12%), breakdown (18%), China soft drink (9%), Coca ASEAN F&B 8 20.3 by country/region beer (7%), Brazil beer/soft 7.1 20.1 21 Cola (18%), US soft (rhs) ASEAN/other (11%) 7 drink (16%) 6.3 18.2 19 Suntory (7%) 6 (rhs) 17 5 17.4 17.6 Other 4 15 (rhs) 04 05 06 07 08 09 10 11 12 13 14 9M Source: Inryou Souken, Credit Suisse Source: Inryou Souken, Credit Suisse Figure 5: Our estimates are below consensus, with gap largest for Kirin HD Price Upside/ Market Market --------------------FY1-------------------- -----------FY2----------- -----------FY3---------- Company Code Rating TP 8-Dec downside cap cap Estimates CoE CS E Cons CS E Cons CS E Cons (JPY) (JPY) (%) (JPY b) (USD m) (JPY m) (JPY m) (JPY m) (JPY m) (JPY m) (JPY m) (JPY m) Asahi Group Holdings 2502 NEUTRAL 4,050 3,850 5.2 1,862 15,334 Sales 1,783,000 1,776,000 1,766,753 1,819,000 1,795,569 1,842,000 1,821,082 OP 127,000 127,000 127,894 133,000 135,684 139,000 142,558 EPS (JPY) 148.7 199.0 154.6 168.7 178.1 178.5 194.5 Kirin Holdings 2503 UNDERPERFORM 1,400 1,563 -10.4 1,508 12,419 Sales 2,210,000 2,202,000 2,211,877 2,211,000 2,236,961 2,233,000 2,256,570 OP 120,000 118,500 125,330 122,500 134,054 130,000 138,760 EPS (JPY) 38.1 41.0 43.3 50.0 55.6 55.8 61.8 Suntory Beverage & Food 2587 NEUTRAL 4,600 4,385 4.9 1,355 11,160 Sales 1,260,000 1,265,000 1,256,392 1,306,000 1,312,005 1,332,000 1,357,231 OP 85,000 85,500 85,864 93,900 98,004 101,500 106,158 EPS (JPY) 113.3 119.7 117.2 146.9 154.1 163.4 172.3 Source: Company data, Thomson Reuters, I/B/E/S, Credit Suisse estimates Beverage Sector Initiation 2 09 December 2014 Domestic beer and soft drink markets Structural factors likely to continue pushing Japanese consumption of beer and beer-like beverages down by 1–2% per year Japan’s(%) beer-drinking population and per capita consumption of beer are generally in decline;70 as a consequence, domestic consumptionAsahi of beer and beer-like beverages has Kirin been decreasing by nearly 2% per year over the past 10 years. Several factors seem to be 60 Sapporo contributing, including: (1) increasing health-consciousness,Suntory especially among the middle- aged50 and elderly; (2) a tendency among younger Japanese to eschew alcohol; and (3) a crackdown40 on drunken driving. 37.6% If30 we delve deeper, we find that (1) the market for expensive34.8% but top-quality premium beers is growing, while (2) higher health consciousness is underpinning relatively strong demand 20 for "healthy-type" beers advertised as low-calorie or14.7% zero sugar (such beers also attract a lower tax). In this manner, the market is becoming increasingly bifurcated. 10 12.0% In0 1H 2014, Kirin lost market share while the others posted gains. Kirin apparently has no plans53 to58 mount63 68 a full73 -fledged78 83 assault88 93 on98 th03e premium08 13 beer market; however, we do not believe this is directly contributing to its loss of market share. Kirin’s sole offering in the premium beer category, Ichiban Shibori Premium, is for gift sales only, and Kirin reportedly has no plans at present to sell it year-round. The company is concerned that the boom may be fading, and for now will not be using the supermarket channel to market Ichiban Shibori Premium. We think Kirin needs to find alternative means of shoring up demand for its flagship beer, Ichiban Shibori. Figure 6: Domestic shipments of beer and beer-like Figure 7: Only Kirin lost market share in 1H 2014 beverages have fallen at annual rate of 1.7% over 10 years (mil KL) New Genre 8 Happoshu 7 Beer 6 5 4 3 2 1 0 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Source: Brewery Convention of Japan, Association for Considering Source: Company data, Credit Suisse estimates Low Malt Beer Tax, Credit Suisse Beverage Sector Initiation 3 09 December 2014 Figure 8: Premium beer a growth category, with The Figure 9: Asahi Breweries steadily growing sales of Premium Malt’s from Suntory the main contributor premium beer launched in 2014, but sales weighting yet to turn upward (10k cases) Dry Premium (YTD) 400(10k cases) YEBISU (Sapporo) 10% Thea %Premium of premium Malt's beer (Suntory) (RHS) 2,000350 9%16% a % of premium category in regular beer 8% 1,800300 14% 7% 1,600 250 6%12% 1,400 200 5% 1,200 10% 150 4% 1,000 3%8% 100 800 2%6% 50 600 1% 0 0%4% 400 200 2% 0 0% 03 04 05 06 07 08 09 10 11 12 13 14E Note: Premium beer sales volume as percentage of entire beer Note: Sales of Asahi Dry Premium as a percentage of total Super Dry market sales Source: Company data and estimates, Credit Suisse Source: Company data, Credit Suisse Premium beers continue making inroads into the broader beer market, a push that is being powered by The Premium Malt’s from Suntory Holdings.
Load more

Recommended publications
  • Charlie's Group Limited
    Charlie’s Group Limited Independent Adviser’s Report On the full takeover offer from Asahi Beverages New Zealand Limited APPENDIX July 2011 024 Table of Contents Glossary Glossary..........................................................................................................................................................................................3 Glossary 1. Terms of the Asahi Offer ......................................................................................................................................................5 1.1 Background to the Offer ...............................................................................................................................................5 Term Definition 1.2 Details of the Asahi Offer...............................................................................................................................................6 90% Minimum Acceptance Condition A condition of the Asahi Offer that requires that Asahi receive acceptances to take its 1.3 Requirements of the Takeovers Code...........................................................................................................................7 shareholding to 90% or more of the Charlie’s Group shares on issue 2. Scope of the Report..............................................................................................................................................................8 2.1 Purpose of the Report ..................................................................................................................................................8
    [Show full text]
  • DIJ-Mono 63 Utomo.Book
    Monographien Herausgegeben vom Deutschen Institut für Japanstudien Band 63, 2019 Franziska Utomo Tokyos Aufstieg zur Gourmet-Weltstadt Eine kulturhistorische Analyse Monographien aus dem Deutschen Institut für Japanstudien Band 63 2019 Monographien Band 63 Herausgegeben vom Deutschen Institut für Japanstudien der Max Weber Stiftung – Deutsche Geisteswissenschaftliche Institute im Ausland Direktor: Prof. Dr. Franz Waldenberger Anschrift: Jochi Kioizaka Bldg. 2F 7-1, Kioicho Chiyoda-ku Tokyo 102-0094, Japan Tel.: (03) 3222-5077 Fax: (03) 3222-5420 E-Mail: [email protected] Homepage: http://www.dijtokyo.org Umschlagbild: Quelle: Franziska Utomo, 2010. Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. Dissertation der Universität Halle-Wittenberg, 2018 ISBN 978-3-86205-051-2 © IUDICIUM Verlag GmbH München 2019 Alle Rechte vorbehalten Druck: Totem, Inowrocław ISBN 978-3-86205-051-2 www.iudicium.de Inhaltsverzeichnis INHALTSVERZEICHNIS DANKSAGUNG . 7 SUMMARY: GOURMET CULTURE IN JAPAN – A NATION OF GOURMETS AND FOODIES. 8 1EINLEITUNG . 13 1.1 Forschungsfrage und Forschungsstand . 16 1.1.1 Forschungsfrage . 16 1.1.2 Forschungsstand . 20 1.1.2.1. Deutsch- und englischsprachige Literatur . 20 1.1.2.2. Japanischsprachige Literatur. 22 1.2 Methode und Quellen . 25 1.3 Aufbau der Arbeit . 27 2GOURMETKULTUR – EINE THEORETISCHE ANNÄHERUNG. 30 2.1 Von Gastronomen, Gourmets und Foodies – eine Begriffs- geschichte. 34 2.2 Die Distinktion . 39 2.3 Die Inszenierung: Verstand, Ästhetik und Ritual . 42 2.4 Die Reflexion: Profession, Institution und Spezialisierung . 47 2.5 Der kulinarische Rahmen . 54 3DER GOURMETDISKURS DER EDOZEIT: GRUNDLAGEN WERDEN GELEGT .
    [Show full text]
  • Group Companies(66KB)
    Group Companies (As of December 31, 2016) The Kirin Group is headed by Kirin Holdings Company, Limited, a pure holding company, which has 188 consolidated subsidiaries and 18 affiliated companies accounted for using the equity method. Percentage Company Name Location Description of Business of Holding Japan Integrated Beverages Management and provision of specialized services for Japan Kirin Company, Limited Tokyo, Japan 100.0 Integrated Beverages Business Kirin Brewery Company, Limited Tokyo, Japan Manufacturing and sales of beer and other alcoholic beverages, etc. 100.0 Kirin Beer Marketing Company, Ltd. Tokyo, Japan Marketing and sales promotion for beer and other alcoholic beverages 100.0 Import, manufacturing, and sales of wine and other alcoholic Mercian Corporation Tokyo, Japan 100.0 beverages Kirin Beverage Company, Ltd. Tokyo, Japan Manufacturing and sales of non-alcoholic beverages 100.0 Kirin Beverage Value Vendor Company, Planning and sales of non-alcoholic beverages and food products to Tokyo, Japan 100.0 Limited sell via vending machines Manufacturing of domestically produced whiskey and spirits, etc., Kirin Distillery Co., Ltd. Shizuoka, Japan 100.0 at the Fuji-Gotemba Distillery Development of SPRING VALLEY BREWERY brand craft beer products, SPRING VALLEY BREWERY COMPANY Tokyo, Japan and planning, operation, and management of restaurants attached to 100.0 microbreweries YO-HO BREWING COMPANY* Nagano, Japan Manufacturing and sales of craft beer 33.3 Administration of alcoholic beverages business in China, identification of new investment opportunities and other business development 1 Kirin (China) Investment Co., Ltd. Shanghai, China 100.0 activities in China, sales of Kirin brand products in the Yangtze River Delta Economic Zone Kirin Brewery (Zhuhai) Co., Ltd.
    [Show full text]
  • Product Japan : Food Processing Sector - Health and Functional Foods Company Profiles
    Foreign Agricultural Service GAIN Report Global Agriculture Information Network Approved by: Date: 07/23/99 Sarah D. Hanson GAIN Report #JA9087 U.S. Embassy Market Brief - Product Japan : Food Processing Sector - Health and Functional Foods Company Profiles This report was prepared by the USDA’s Foreign Agricultural Service for U.S. exporters of food and agricultural products. This information is in the public domain and may be reprinted without permission. Use of commercial or trade names does not imply approval nor constitute endorsement by USDA/FAS. Tokyo[JA1], JA GAIN Report #JA9087 Page 1 of 24 Company Name Amway Japan Product Sector(s) Health and Functional Food Address 1-8-1, Shimo-Meguro Number Of Employees 728 Meguro-ku, Tokyo 153-8686 Number of Factories Overseas Contact Phone Number 03-5434-8484 Fax Number 03-5434-4923 Email Web Page Address www.amway.co.jp/amway_japan/ Contact Person Masura Iwata Executive Driector, External Affairs and Public Relations Sales and Net Profits Main Suppliers Year Sales (Mil. \) Net Profits 1995 177,991 22,424 1996 212,195 25,130 1997 203,361 26,638 Key Products % of Total Company Profile and Strategies Home Care Products 9 Japanese corporation of nonstore sales operator Amway (US). Housewares 30 Registered sales personnel involved in direct sales of detergents, Personal Care 34 cosmetics, kitchenware and nutritional supplements. Nutritional Supplements 23 Others 4 Main Brands Triple X (vitamin and mineral supplement), Nutri Protein, Acerola C (vitamin supplement), Salmon-Omega 3, Hon-E-Cece, Ironics, Beta Carotene A, Wheat Germ E. Main Ingredients Vitamins, protein concentrates, iron concentrates, calcium concentrates, beta caroten, wheat germ.
    [Show full text]
  • An Empirical Study on New Product Introductions in the Japanese Soft-Drink Industry
    Who Imitates Whom? An Empirical Study on New Product Introductions in the Japanese Soft-drink Industry Shigeru Asaba Gakushuin University Department of Economics 1-5-1 Mejiro Toshima-ku Tokyo, 171-8588 JAPAN E-mail: [email protected] Tel: +81-3-5992-3649 FAX: +81-3-5992-1007 Marvin B. Lieberman The Anderson School at UCLA Box 951481 Los Angeles, CA 90095-1481 E-mail: [email protected] Tel: 310-206-7665 Fax: 310-206-3337 February 19, 2011 1 Who Imitates Whom? A Study on New Product Introductions in the Japanese Soft-drink Industry ABSTRACT Imitation is observed in various contexts in the business world and numerous theories on imitation have been proposed. Incumbent theories on imitation are organized into two broad categories: information-based theories and rivalry-based theories. Information-based theories propose that firms follow others that are perceived as having superior information. Rivalry-based theories propose that firms imitate others to maintain competitive parity or limit rivalry. This study tries to distinguish among the theories by examining when and what kinds of firms are more likely to be followed by others in their new product introductions in the Japanese soft-drink industry. The empirical analysis shows that in brand-new product imitation, firms follow large competitors, while in product proliferation within established product categories, firms do not tend to follow large firms but mimic others of similar size. These contrasting results are reasonable, suggesting that two theories on imitation coexist and environmental uncertainty may be one of key distinguishing characteristics. In the case of brand-new products, firms face much uncertainty.
    [Show full text]
  • Creditor Date Payee Description Amount Authorisation Of
    Authorisation of Expenditure for the Period 1/04/2015 to 30/04/2015 Creditor Date Payee Description Amount 1775.2008-01 01/04/2015 Alinta Energy Gas charges $704.30 1775.2019-01 01/04/2015 Australia Post Postage charges $5,154.29 1775.2033-01 01/04/2015 BOC Gases Australia Limited Gas charges $23.50 1775.2034-01 01/04/2015 Boyan Electrical Services Electrical services $8,681.48 1775.2049-01 01/04/2015 City Of Perth BA/DA archive retrievals $690.49 1775.2072-01 01/04/2015 Landgate Gross rental valuations $653.84 1775.2074-01 01/04/2015 Dickies Tree Service Tree lopping services $7,491.00 1775.2085-01 01/04/2015 Farinosi & Sons Pty Ltd Hardware supplies $334.22 1775.2096-01 01/04/2015 GYM Care Gym wipes and equipment repairs $1,450.91 1775.2110-01 01/04/2015 Jason Signmakers Bike racks $3,729.00 1775.2119-01 01/04/2015 Line Marking Specialists Line marking services $765.07 1775.2120-01 01/04/2015 LO-GO Appointments Temporary employment $3,318.89 1775.2126-01 01/04/2015 Mayday Earthmoving Bobcat hire $5,245.90 1775.2134-01 01/04/2015 Boral Bricks Western Australia Brick pavers $2,409.13 1775.2136-01 01/04/2015 Mindarie Regional Council Waste services $131,171.85 1775.2138-01 01/04/2015 C Economo Award for service recognition $150.00 1775.2158-01 01/04/2015 Non Organic Disposals Rubbish tipping $4,587.00 1775.2159-01 01/04/2015 Oasis Plumbing Services Plumbing services $6,517.20 1775.2189-01 01/04/2015 SAS Locksmiths Locksmith services and supplies $993.52 1775.2190-01 01/04/2015 Schweppes Australia Pty Ltd Beverage supplies - Beatty Park
    [Show full text]
  • Environmental Disclosure Analysis of Sustainability Reports the Brazilian
    Gest. Prod., São Carlos, v. 26, n. 3, e3120, 2019 Original Article https://doi.org/10.1590/0104-530X3120 Environmental disclosure analysis of sustainability reports the brazilian and international brewing industry based on Global Reporting Initiative - GRI ISSN 0104-530X (Print) ISSN 1806-9649 (Online) Análise da evidenciação ambiental dos relatórios de sustentabilidade da indústria cervejeira brasileira e internacional com base na Global Reporting Initiative - GRI Erika Sucena1 Marcia Mara de Oliveira Marinho1 How to cite: Sucena, E., & Marinho, M. M. O. (2019). Environmental disclosure analysis of sustainability reports the brazilian and international brewing industry based on Global Reporting Initiative - GRI. Gestão & Produção, 26(3), e3120. https://doi.org/10.1590/0104-530X3120 Abstract: Environmental disclosure is a tool set that companies use to communicate their environmental performance to stakeholders. The organization Sustainability Report is the main platform to report the company’s relationship with the environment in which operates. The Global Reporting Initiative- GRI is a scheme that develops and disseminates guidelines for this kind of account, to standardize and promote international report classification. The brewing industry is actively involved in the Brazilian economy, being a consumer of natural resources in great amounts. Thus, the objective of this article is to evaluate the level of environmental disclosure practiced in the sustainability reports of Brazilian brewering industries. The sample is characterized by the Sustainability Reports of the years 2011 to 2013 of the Brazilian companies: Ambev; Brazil Kirin; Grupo Petrópolis and internationals, Heineken; AB InBev; SABMiller and Heineken Netherlands. It was used four research techniques to analyse the reports: (1) Classification of indicators as the answer; (2) Adherence to treatment or GAPIE-GRI; (3) Effective Disclosure Degree and (4) indicators ranking the contents.
    [Show full text]
  • 1999 Annual Report
    CORE Metadata, citation and similar papers at core.ac.uk Provided by Diposit Digital de Documents de la UAB Annual Report and Form 20-F 1999 Contents Page Strategy Statement 1 Corporate Highlights 2 Financial Highlights 3 1 Business Review 1999 5 2 Description of Business 23 3 Operating and Financial Review 33 4 Report of the Directors 57 5 Financial Record 77 6 Financial Statements 83 7 Shareholder Information 131 Glossary 141 Cross reference to Form 20-F 142 Index 144 The images used within this Annual Report and Form 20-F are taken from advertising campaigns and websites which promote our brands worldwide. They demonstrate how we communicate the appeal of our brands in a wide range of markets. “Sunkist” is a registered trademark of Sunkist Growers, Inc. This is the Annual Report and Form 20-F of Cadbury Schweppes public limited company for the year ended 2 January 2000. It contains the annual report and accounts in accordance with UK generally accepted accounting principles and regulations and incorporates the annual report on Form 20-F for the Securities and Exchange Commission in the US. A Summary Financial Statement for the year ended 2 January 2000 has been sent to all shareholders who have not elected to receive this Annual Report and Form 20-F. The Annual General Meeting will be held on Thursday, 4 May 2000. The Notice of Meeting, details of the business to be transacted and arrangements for the Meeting are contained in the separate Annual General Meeting booklet sent to all shareholders. The Company undertook a two for one share split in May 1999.
    [Show full text]
  • Establishes and Spreads a New Food Culture
    The Conversion of the Japanese Cuisine Finalized in the Edo Era to Japanese-style Western and Chinese Cuisine The Acceptance and Modification of Foreign Cuisine Establishes and Spreads a New Food Culture The Opening and Westernization of Japan Zenjiro Watanabe and the Influx of Western Foods Mr. Watanabe was born in Tokyo in 1932 and graduated from Waseda University in 1956. In 1961, he received his Ph.D in commerce from The history of Japanese cuisine is a history full of the the same university and began working at the acceptance and modification of foreign cuisine. Since the rice National Diet Library. Mr. Watanabe worked at the National Diet Library as manager of the culture of the Yayoi Period (200B.C.—250A.D.), Japan has department that researches the law as it applies to agriculture. He then worked as manager of skillfully accepted new food cultures—from Tang-style grand the department that researches foreign affairs, and finally he devoted himself to research at the banquet dishes to the vegetarian dishes of the Kamakura Library. Mr. Watanabe retired in 1991 and is now head of a history laboratory researching Period (1185—1333) to the Portuguese dishes of the Warring various aspects of cities, farms and villages. Mr. Watanabe’s major works include Toshi to States Period (1482—1558)—and adapted them to the Noson no Aida—Toshikinko Nogyo Shiron, 1983, Japanese palate as if they had always been a part of the Ronsosha; Kikigaki •Tokyo no Shokuji, edited 1987, Nobunkyo; Kyodai Toshi Edo ga Washoku Japanese food culture. wo Tsukutta, 1988, Nobunkyo; Nou no Aru Machizukuri, edited 1989, Gakuyoshobo; Tokyo The Edo Era saw the finalization of the Japanese food culture ni Nochi ga Atte Naze Warui, collaboration 1991, Gakuyoshobo; Kindai Nihon Toshikinko into what we today consider Japanese cuisine.
    [Show full text]
  • Motto-Made Teriyaki Sauce, Traditional Japanese Mayo
    RICE BOWLS ライスボウル MAKE IT A MEAL + 7.90 Add a side and a soft drink, water or Lipton ice tea to any bowl or roll. TERIYAKI TOFU 12.90 Deep fried tofu, vegetables, white rice, Motto-made teriyaki sauce, traditional Japanese mayo TERIYAKI CHICKEN 13.50 CURRY BOWLS カレーボウル Marinated chicken, vegetables, white rice, Motto-made teriyaki sauce, traditional Japanese mayo TOFU & VEGETABLE 12.90 SALMON & AVOCADO 15.90 Deep fried tofu, vegetables, white rice, Motto-made curry sauce Huon sashimi grade salmon (Southern TAS) seared medium rare, avocado, white rice, fish roe, Motto-made teriyaki sauce, traditional Japanese mayo KARAAGE CHICKEN 14.90 Japanese fried chicken, white rice, Motto-made curry sauce PORK BELLY 15.90 Slow cooked pork belly (Northern Rivers, NSW), vegetables, white rice, Motto-made Japanese sweet soy sauce CLOUD ROLLS WAGYU BEEF 16.90 クラウドロール Wagyu beef 6+ marble score (Limestone Coast, SA), vegetables, Add cheese for $1.50 white rice, Motto-made yakiniku sauce SPICY KARAAGE CHICKEN 14.90 Japanese fried chicken, lettuce, tomato, red onion, chilli Japanese mayo POKE BOWLS ポケボール Motto-tip: Not a fan of spice? Swap to BBQ mayo TERIYAKI CHICKEN 14.90 TOFU 12.90 Marinated chicken, lettuce, tomato, red onion, Tofu, avocado, edamame, seaweed, garden salad, sushi rice, traditional Japanese mayo sesame seeds, Motto-made yuzu soy dressing TUNA & SALMON 17.90 BBQ WAGYU BEEF 16.90 Sashimi grade tuna (Pacific Ocean), Huon sashimi grade salmon Wagyu beef 6+ marble score (Limestone Coast, SA), lettuce, (Southern TAS), avocado, edamame, seaweed,
    [Show full text]
  • Kirin Report 2016
    KIRIN REPORT 2016 REPORT KIRIN Kirin Holdings Company, Limited Kirin Holdings Company, KIRIN REPORT 2016 READY FOR A LEAP Toward Sustainable Growth through KIRIN’s CSV Kirin Holdings Company, Limited CONTENTS COVER STORY OUR VISION & STRENGTH 2 What is Kirin? OUR LEADERSHIP 4 This section introduces the Kirin Group’s OUR NEW DEVELOPMENTS 6 strengths, the fruits of the Group’s value creation efforts, and the essence of the Group’s results OUR ACHIEVEMENTS and CHALLENGES to OVERCOME 8 and issues in an easy-to-understand manner. Our Value Creation Process 10 Financial and Non-Financial Highlights 12 P. 2 SECTION 1 To Our Stakeholders 14 Kirin’s Philosophy and TOPICS: Initiatives for Creating Value in the Future 24 Long-Term Management Vision and Strategies Medium-Term Business Plan 26 This section explains the Kirin Group’s operating environment and the Group’s visions and strate- CSV Commitment 28 gies for sustained growth in that environment. CFO’s Message 32 Overview of the Kirin Group’s Business 34 P. 14 SECTION 2 Advantages of the Foundation as Demonstrated by Examples of Value Creation Kirin’s Foundation Revitalizing the Beer Market 47 Todofuken no Ichiban Shibori 36 for Value Creation A Better Green Tea This section explains Kirin’s three foundations, Renewing Nama-cha to Restore Its Popularity 38 which represent Group assets, and provides Next Step to Capture Overseas Market Growth examples of those foundations. Myanmar Brewery Limited 40 Marketing 42 Research & Development 44 P. 36 Supply Chain 46 SECTION 3 Participation in the United Nations Global Compact 48 Kirin’s ESG ESG Initiatives 49 This section introduces ESG activities, Human Resources including the corporate governance that —Valuable Resource Supporting Sustained Growth 50 supports value creation.
    [Show full text]
  • Annual Report 2016 Focused on Grow Th
    FEMSA is a multinational beverage and retail TABLE OF CONTENTS company headquartered in Mexico. We hold FEMSA at a Glance .............................2 a 48% stake in Coca-Cola FEMSA, the largest Financial Highlights ............................4 Letter to Shareholders ..........................6 bottler of Coca-Cola products in the world by FEMSA Comercio - Retail Division. 8 FOCUSED ON ON FOCUSED FEMSA Comercio - Health Division. .9 volume, and a 20% stake in Heineken, one of the FEMSA Comercio - Fuel Division ...............10 world’s leading brewers with operations in over Coca-Cola FEMSA .............................11 Sustainability ..................................14 70 countries. We participate in the retail industry FEMSA Foundation ............................16 GROWTH through FEMSA Comercio (100%), comprising a Executive Management ........................18 Corporate Governance .........................19 Retail Division operating primarily through OXXO, Board of Directors .............................20 In Memoriam ..................................21 the largest convenience store chain in Latin FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. Financial Summary ............................22 America by units; a Fuel Division, operating the Management’s Discussion & Analysis ..........24 General Anaya 601 Pte. Col. Bella Vista C.P. 64410 REPORTANNUAL 2016 Monterrey, Nuevo Leon, Mexico OXXO GAS chain of retail service stations; and a [email protected] Health Division, which includes drugstores and related operations in Mexico
    [Show full text]