NH Foods

Research evidence excerpt

NH Foods

Global Markets Research

26 June 2026NH Foods

2282.T 2282 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

RatingPresident hosts briefing Buy

Target price JPY 7,400Quick Note

Closing price

26 June 2026 JPY 6,091We take positive view of further restructuring plans for processed foods

NH Foods president Fumio Maeda hosted a briefing for sell-side analysts on 26 June. (Note: Quick Note reports are not a

He said that sales at the processed foods segment had been very weak, particularly in the vehicle for changes to ratings, target

prices, or earnings forecasts)food service and convenience store channels. He said that the management will seek to

identify businesses that are not commensurate with their cost of capital and will consider

spinning them off at the business level rather than at the product level in its new medium-

term plan, which runs from 28/3. He also said that the company is ready to push ahead

with bold structural reforms. Overseas, the company has started to see signs of a recovery Research Analysts

at its US processed foods business, but needs to consider what to do about its operations Japan food

in Thailand. Makoto Morita - NSC

Turning to the fresh meats segment, Mr Maeda said that margins on chicken imports had makoto.morita@nomura.com

+81 3 6703 1211remained strong. He also said that business conditions were not too bad in Australia, with

steady demand for beef and consistently high selling prices, although shipment volumes

are likely to fall in 27/3 Q2 owing to Chinese safeguard measures. Calf procurement costs

have been rising recently, but this largely reflects the weather, and management expects

calf prices to decline in H2.

The company's longer-term growth strategy hinges on growth in fresh meats in Japan. Mr