Calbee (TSE:2229) is the dominant snack-food brand in Japan with over 50% market share. The company has stable and cash-generative domestic operations that continue to gain market share. Recent growth has been fueled by the increasing contribution of high-margin international sales. After years of conservative investment in international markets, the company’s positioning has resulted in stronger overseas investments driving sales growth.
From Wasatch International Growth (Trades, Portfolio) Fund Q3 2014 Commentary.
