NH Foods (2282): 1Q results: Overshoot driven mainly by external factors; processed food volume is an issue; risk of shortfall remains

Research evidence excerpt

NH Foods (2282): 1Q results: Overshoot driven mainly by external factors; processed food volume is an issue; risk of shortfall remains

J P M O R G A N Asia Pacific Equity Research

04 August 2026

NH Foods (2282)

1Q results: Overshoot driven mainly by external factors; Neutral

processed food volume is an issue; risk of shortfall 2282.T, 2282 JP

remains Price (03 Aug 26):¥6,328

Price Target (Dec-26):¥6,500

Neutral: 1Q FY2026 business profit was ¥19.4 billion (+20% YoY), well above Japan Equity Research

our estimate of ¥15.9 billion and the Bloomberg consensus estimate of ¥16.3

Food, Beverage, and Tobacco

billion. However, given that external factors contributed heavily, we do not expect

this trend to be very sustainable in 2Q onward. In the processed foods segment, Satoshi Fujiwara AC

volume was lackluster, and we think a sharp profit decline is likely in 2Q. In the (81-3) 6736-8652

satoshi.fujiwara@jpmorgan.com

new medium-term plan starting next fiscal year, far-reaching restructuring in the

Hideto Takahashi

processed foods segment is likely to be a focal point, but we see few catalysts at (81-3) 6736-8638

this time that could cause the stock to rise significantly. hideto.takahashi@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• 1Q results: Compared with our forecasts, processed foods fell short while

fresh meats significantly overshot. Processed foods business profit fell by ¥100

million YoY. With weakness in commercial-use sales due to weather factors,

volume added only ¥400 million YoY to profit, low relative to management’s

expectation of ¥2.5 billion in 1H and ¥8.7 billion for the full year. We think the

volume target will be difficult to achieve also because of planned price hikes

in October to offset cost increases stemming from the Middle East conflict. In