Unicharm (8113) Announces acquisition of Brazilian pet food company, de-facto price hike for Japan hygiene products

研报英文原文证据摘录

Unicharm (8113) Announces acquisition of Brazilian pet food company, de-facto price hike for Japan hygiene products

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

16 May 2026

Unicharm (8113) Overweight

8113.T, 8113 JP

Announces acquisition of Brazilian pet food company, Price (15 May 26):¥936

de-facto price hike for Japan hygiene products Price Target (Dec-26):¥1,200

On May 15, Unicharm announced plans to make Brazilian pet food manufacturer Japan Equity Research

Nutrire Indústria de Alimentos Ltda. a wholly owned subsidiary in September and

Cosmetics and Personal Care /

enter the Brazilian pet care business. It did not disclose the acquisition price and Paper and Packaging

said the impact on FY2026 earnings will be very small, so we expect a limited share AC Akiko Kuwahara

price impact in the near term. However, given Nutrire’s high profitability and the

(81-3) 6736-8617

Brazilian pet care market’s growth potential, we expect this acquisition to akiko.kuwahara@jpmorgan.com

strengthen Unicharm’s earnings growth potential over the medium term. In JPMorgan Securities Japan Co., Ltd.

contrast, we find the de-facto product price hike in Japan unsurprising as

management had already mentioned this at a briefing on May 8, but take the prompt

action positively as the worsening of raw materials and fuel costs becomes a

possibility.

• Overview of Nutrire: Nutrire is a Brazilian pet food manufacturer established

in 2021. It manufactures high-end pet food and sells it mainly in Brazil and

across Latin America. FY2025 sales were BRL416 million (about ¥13.1

billion) and net profit was BRL39 million (about ¥1.2 billion; assuming forex

at ¥31.59/BRL). According to Unicharm, Nutrire’s core operating margin is

over 10%.