Megmilk Snow Brand 2270.T 2270 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO Still no sign of the volume growth that is key to management's growth strategy Higher input costs and harsher competition remain risks We keep our Neutral rating; sales volumes lack momentum, high likelihood of cost increases Sales volumes of cheese, probiotic yogurt, and other products that are crucial to Megmilk Snow Brand's longer-term growth strategy have been lackluster, and with a high likelihood of cost increases for inputs, ...