Key Takeaways from Small Meeting with Outside Directors

Research evidence excerpt

Key Takeaways from Small Meeting with Outside Directors

Update

June 29, 2026 10:44 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNichirei (2871) | Japan Tomonobu Tsunoyama

Equity Analyst

Key Takeaways from Small Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

Seki.Li@morganstanleymufg.com +81 3 6836-8934

Meeting with Outside Directors Haruka Miyake

Haruka.Miyake@morganstanleymufg.com +81 3 6836-5421

After transition to a new executive structure from Apr, the Jully Ussui

meeting reaffirmed progress in strengthening the governance Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

framework and that active discussions are underway to

maximize corporate value via processed foods-cold-chain

logistics synergies. We will be watching for new management

initiatives under the new structure TBA Feb 2027.

Transition to new management structure: Effective Apr 1, Kazunori Shimamoto Nichirei (2871.T, 2871 JP)

took the post of president with former CEO Kenya Okushi becoming chairman, as Food | Japan

Stock Rating Overweight

Nichirei has adopted a new structure in which both hold representative authority,

Industry View In-Line

enabling stronger oversight. Nichirei reorganized its internal operations into Price target ¥2,300

Up/downside to price target (%) 6

subsidiaries about 20 years ago. This organizational reform was effective in enabling Shr price, close (Jun 29, 2026) ¥2,176

each subsidiary to become self-sustaining, and it produced certain results. From Mkt cap, curr, basic (bn) ¥545.2

Div yld (03/27e) (%) 2.3

here, however, the company is entering a phase of creating synergies across

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

businesses and seeking to maximize corporate value. Synergies are shifting to a