Toyo Suisan: F3/26 Results: We See Changes in Governance, But Earnings Environment Remains Challenging

研报英文原文证据摘录

Toyo Suisan: F3/26 Results: We See Changes in Governance, But Earnings Environment Remains Challenging

Update

May 15, 2026 10:33 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MToyo Suisan (2875) | Japan Tomonobu Tsunoyama

Equity Analyst

F3/26 Results: We See Changes Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

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

in Governance, But Earnings Haruka Miyake

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

Environment Remains Jully Ussui

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

Challenging

Toyo Suisan (2875.T, 2875 JT)

Food | Japan

Reaction to earnings

Stock Rating Overweight

Unchanged Modest upside Largely unchanged Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥13,400

consensus EPS Shr price, close (May 15, 2026) ¥10,800

Mkt cap, curr, basic (bn) ¥1,051.3

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥3.7

Key Takeaways

Announced at 12:20, share price closed up 4% versus the previous day

F3/26 OP was ¥85.8bn (+12% YoY; our estimate ¥81.5bn; consensus ¥82.4bn)

F3/27 OP guidance is ¥82.0bn (-4% YoY; our estimate ¥83.5bn; consensus

¥85.9bn)

Announced a share buyback of up to ¥27.5bn (3.08% of shares outstanding)

Announced a personnel change whereby Chairman and Representative Director

Tadasu Tsutsumi will become Director and Senior Advisor

F3/26 saw upside in the overseas instant noodles business F3/26 OP exceeded

our estimate because profit margins in the overseas instant noodles business

improved. This was mainly because raw material costs and expenses did not increase

as much as our assumption, due to a delay in the start of operations at the new