FOOD & LIFE COMPANIES: Japan Summit 2026 Recap: Food & Life Our Top Pick; Reaffirming Its Solid Position within Industry

研报英文原文证据摘录

FOOD & LIFE COMPANIES: Japan Summit 2026 Recap: Food & Life Our Top Pick; Reaffirming Its Solid Position within Industry

Idea

May 27, 2026 08:00 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFOOD & LIFE COMPANIES (3563) | Japan Katsumi Arai

Equity Analyst

Japan Summit 2026 Recap: Food Katsumi.Arai@morganstanleymufg.comNatsuko Seto +81 3 6836-8918

Research Associate

Natsuko.Seto@morganstanleymufg.com +81 3 6836-8940

& Life Our Top Pick; Reaffirming

Its Solid Position within Industry

What’s Changed

FOOD & LIFE COMPANIES (3563.T) From To FOOD & LIFE COMPANIES (3563.T, 3563 JT)

Top Pick Added - 3563.T Top Pick

Mid Small Cap/Non-Manufacturer | Japan

Best-positioned name in our restaurant coverage for domestic Stock Rating Overweight

and overseas ops over both short- and medium-term horizon. IndustryPrice targetView ¥13,000In-Line

Up/downside to price target (%) 29

Shr price, close (May 27, 2026) ¥10,085

Key Takeaways Mkt cap, curr, basic (bn) ¥1,142.2

Domestic Sushiro: High resilience amidst cost inflation, supported by a “leisure” Fiscal Year Ending 09/25 09/26e 09/27e 09/28e

value proposition. Revenue, net (¥bn) 429.6 521.6 602.4 682.6

Operating profit (¥bn)* 36.1 50.0 59.0 70.4

Overseas Sushiro: Continued high profit growth led by China/ASEAN expansion. Profit before tax (¥bn) 33.8 48.1 57.2 68.8

Net income (¥bn)* 22.9 32.8 39.5 48.3

Valuation: Premium warranted; focus on potential guidance hikes. EPS, basic (¥)* 202.7 289.2 348.2 425.8

Prior EPS, basic (¥)* - - - -

EPS (¥)** 202.7 289.2 348.2 425.8

Domestic Sushiro business: Amid concerns in the restaurant industry on rising Prior EPS (¥)** - - - -

P/E, basic* 38.2 34.9 29.0 23.7

ingredient and utilities costs, the domestic Sushiro business is staying relatively P/BV, basic 9.0 9.1 7.1 5.6

highly resilient.