Investor Presentation: 食品業界Monthly 6月号

Research evidence excerpt

Investor Presentation: 食品業界Monthly 6月号

FoundationM

カバレッジ企業：主要指標

MARKET

COMPANY NAME TICKER CCY CAP EPS PER ROE EV/EBITDA FCF YIELD (%) NET DEBT/EBITDA

(¥bn)

2026/06/30 FY0 FY1 FY2 FY3 FY1 FY2 FY0 FY1 FY2 FY1 FY2 FY1 FY2

Calbee 2229.T JPY 395.6 167 137 148 159 22.4 20.0 10.5 9.8 8.5 1.1 2.1 0.1 0.1

Kikkoman 2801.T JPY 1,617.0 66 70 76 84 23.9 22.1 11.5 13.7 12.5 1.0 2.9 NA NA

Kewpie 2809.T JPY 617.8 221 181 194 208 24.2 22.5 9.7 9.7 9.4 (0.2) (1.8) NA NA

Nichirei 2871.T JPY 557.9 109 95 124 129 23.0 17.6 10.0 11.1 9.2 0.6 (4.5) 1.0 1.3

Nissui 1332.T JPY 392.0 90 97 103 222 13.2 12.5 9.5 9.9 9.5 (8.3) 0.6 4.3 4.2

Yakult Honsha 2267.T JPY 831.4 151 171 129 134 16.1 21.3 7.5 12.5 12.3 (6.0) 0.5 0.4 0.6

FUJI OIL 2607.T JPY 346.6 130 275 312 344 14.4 12.7 5.0 8.9 8.1 7.6 4.1 3.4 3.0

Itoham Yonekyu Holdings 2296.T JPY 270.1 231 328 321 333 17.5 14.7 4.6 9.5 8.1 2.7 1.8 1.2 1.3

Ajinomoto 2802.T JPY 5,742.2 139 145 174 208 40.5 33.8 17.7 19.5 17.3 0.5 0.9 0.4 0.4

Yamazaki Baking 2212.T JPY 706.4 207 206 214 220 15.6 15.0 9.4 5.9 5.5 3.6 3.4 NA NA

NH Foods 2282.T JPY 561.0 263 365 427 429 19.3 13.9 5.1 9.9 7.9 0.7 3.7 2.1 2.0

Nissin Foods Holdings 2897.T JPY 830.3 157 164 168 169 17.0 16.7 9.1 9.4 9.3 0.1 1.2 1.7 1.8

Meiji Holdings 2269.T JPY 1,067.8 129 233 251 277 16.2 15.1 4.6 7.3 6.8 (3.8) 1.2 0.6 0.6

Toyo Suisan 2875.T JPY 1,151.5 713 709 753 807 14.7 13.8 13.9 6.8 6.4 4.5 1.9 NA NA

Morinaga Milk Industry 2264.T JPY 436.9 69 77 87 95 16.5 14.7 8.4 7.3 6.7 6.1 (0.1) 0.7 0.7

Ezaki Glico 2206.T JPY 366.0 79 155 173 192 34.6 30.9 1.8 8.2 7.8 6.7 2.7 NA NA

出所：モルガン・スタンレー・リサーチ。FY1～3はモルガン・スタンレー・リサーチ予想、時価総額はFactSetより。

Morgan Stanley MUFG 3