Ajinomoto (Malaysia) Berhad (“Ajinomoto Malaysia”) (KLSE: AJI) started its business operations in 1961 as a distributor of monosodium glutamate (MSG”) under the brand, AJI-NO-MOTO®, which was imported from its parent company in Japan. Since then, the company has established itself as a dynamic food manufacturer distributing a variety of trusted food seasoning brands. Its AJI-NO-MOTO® Umami seasoning has become an indispensable item in almost every household. In this article, we will take a closer look at the business, management and financial aspects of Ajinomoto Malaysia, to assess whether the company is a worthwhile investment going forward. Product Range Retail Products The company commenced operations in 1961 with only a single product, namely AJI-NO-MOTO® Umami seasoning. Today, the retail product range has expanded to include chicken stock, menu seasoning for local dishes, sweetener and so on. For the financial year (FY) 2019, the company’s consumer business contributed 73.4% of total revenue...