Nissui: Small Meeting Key Takeaways

研报英文原文证据摘录

Nissui: Small Meeting Key Takeaways

Update

May 28, 2026 10:19 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNissui (1332) | Japan Tomonobu Tsunoyama

Equity Analyst

Small Meeting Key Takeaways Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

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

We joined a small meeting with Nissui CEO Teru Tanaka at 13:00 Haruka Miyake

JST. Mr. Tanaka is increasingly cautious over the risk of cost Equity Analyst

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

inflation/labor shortages worsening in future. He indicated Jully Ussui

selection/concentration will be increasingly important & ResearchJully.Akina.Ussui.Nakao@morganstanleymufg.comAssociate +81 3 6836-5408

conveyed a commitment to optimizing the portfolio.

Pursuing optimal business portfolio: While earnings are currently firm, CEO

Tanaka acknowledged a growing sense of crisis over the challenging business

environment surrounding the industry, including on the points of cost inflation and

labor shortages. Mr. Tanaka said that capex has increased beyond the level originally Nissui (1332.T, 1332 JP)

envisioned in the mid-term plan, due to the acquisition of Pesquera Yadran, which Food | Japan

operates a salmon aquaculture business in South America, as well as increased Stock Rating Overweight

Industry View In-Line

investment in the Kita Kyushu processed food plant, and he indicated selection and Price target ¥1,700

concentration will be more important ahead. He conveyed a commitment to Up/downside to price target (%) 29

Shr price, close (May 28, 2026) ¥1,323

pursuing an optimal business portfolio, giving the example that even businesses that Mkt cap, curr, basic (bn) ¥407.8