FUJI OIL: F3/26 Results: Guidance is Conservative; Achieving Plan to Return Blommer to Profitability is Critical

研报英文原文证据摘录

FUJI OIL: F3/26 Results: Guidance is Conservative; Achieving Plan to Return Blommer to Profitability is Critical

Update

May 12, 2026 01:54 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFUJI OIL (2607) | Japan Tomonobu Tsunoyama

Equity Analyst

F3/26 Results: Guidance is Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

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

Conservative; Achieving Plan to Haruka Miyake

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

Return Blommer to Profitability Jully Ussui

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

is Critical

FUJI OIL (2607.T, 2607 JP)

Food | Japan

Reaction to earnings

Stock Rating Overweight

Unchanged In-line Largely unchanged Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥4,300

consensus EPS Shr price, close (May 12, 2026) ¥3,179

Mkt cap, curr, basic (bn) ¥278.4

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥1.2

Key Takeaways

F3/26 BP was ¥36.0bn (2.7x YoY): vegetable oils ¥33.4bn (+25% YoY), industrial

chocolate ¥2.4bn (vs. a ¥14.2bn loss in the previous year).

F3/27 guidance is ¥37.5bn (consensus ¥42.6bn): vegetable oils ¥24.3bn (-27%

YoY), industrial chocolate ¥15.5bn (6.5x YoY).

Guidance incorporates a ¥3.5bn contingency for various risk countermeasures.

Blommer's BP plan is ¥3.0bn (vs. a ¥11.4bn loss in the prior year). Assumptions

include ¥10.4bn from the resolution of one-off factors, ¥1.0bn from the roll-off

of temporary costs, and ¥3.0bn from profitability improvement

Results briefing scheduled to start at 10:00am JST on May 13.

We view the guidance as conservative: Results were in line with the plan revised

on Apr 24.