Nisshin Seifun Group: 27/3 Q1 results: Profits in line with our forecast

Research evidence excerpt

Nisshin Seifun Group: 27/3 Q1 results: Profits in line with our forecast

Global Markets Research

30 July 2026Nisshin Seifun Group

2002.T 2002 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

Rating27/3 Q1 results: Profits in line with our forecast Neutral

Target price JPY 2,100Quick Note

Closing price

30 July 2026 JPY 2,113.5First impression in line: Results contain few fresh positives or negatives

Nisshin Seifun Group announced 27/3 Q1 results after the close on 30 July. Our first (Note: Quick Note reports are not a

impression is neutral. Q1 operating profits came in broadly in line with our forecast. We vehicle for changes to ratings, target

think the results contain few fresh positives or negatives. However, we still see uncertainty prices, or earnings forecasts)

regarding profit growth prospects. In the near term, the company will need to deal with

cost increases caused by the situation in the Middle East and rising wheat prices, and we

see lingering risks, mainly at the processed food segment in Japan, where competition is

fierce. The company has yet to provide any specific details about the shift to a new Research Analysts

earnings model, a key point for the longer term, and we do not think now is the right time

Japan foodto take a better view of the stock.

Makoto Morita - NSC

In 27/3 Q1, operating profits came in at ¥11.2bn (down 1% y-y). Earnings were driven by makoto.morita@nomura.com

the flour milling segment in North America and the processed food segment overseas, +81 3 6703 1211

where sales were strong, and by the flour milling segment in Japan, where there was rush

demand ahead of price hikes. The above offset lower profits at the prepared dishes &

other prepared foods segment, where sales fell because of factors including unfavorable