Japan Food Sector "January-March results and recommended stock preferenc..."

研报英文原文证据摘录

Japan Food Sector "January-March results and recommended stock preferenc..."

Global Research

18 May 2026ab

Japan Food Sector Equities

JapanJanuary-March results and recommended stock

preference order Food & Beverage

Rei Ihara

Analyst

rei.ihara@ubs.com

Concentrated market appears likely to continue for the time being +81-3-5208 6227

January-March results were generally in line with our expectations, and the share prices Ryunosuke Watanabe

for most of the sector stocks declined. Amid expectations for rising costs due to the Associate Analyst

situation in the Middle East, Yamazaki Baking was the only company to immediately ryunosuke.watanabe@ubs.com

announce price hikes as a countermeasure, which is likely because of an inability among +81-3-5208 6243

companies to dispel uncertainty. Nevertheless, stocks exhibiting positive reactions

included: 1) Japan Tobacco, where only slight cost increases due to the Middle East

situation made it the most defensive company, 2) Ajinomoto, where ABF is the key share

price driver, 3) Yamazaki Baking, which quickly announced countermeasures, 4) Meiji

Holdings and Kirin Holdings, which have either strongly committed to achieving their

plans despite rising costs or where the likelihood of achieving those plans is high, and 5)

House Foods, Ariake Japan, and Toyo Suisan, which have taken steps to enhance

shareholder returns and governance. The impact on costs from the situation in the

Middle East will likely begin to materialize in full as early as the announcement of July-

September results. Until the actual impact on costs and countermeasures becomes clear,

uncertainty appears likely to persist. Therefore, for the time being, even if upside

potential remains limited, concentrated focus appears likely to remain on relatively firm