Nissin Foods Holdings (2897) Remain Neutral: Focusing on Japanese-style ramen sales trends, capex plan

研报英文原文证据摘录

Nissin Foods Holdings (2897) Remain Neutral: Focusing on Japanese-style ramen sales trends, capex plan

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

09 June 2026

Nissin Foods Holdings (2897) Neutral

2897.T, 2897 JP

Remain Neutral: Focusing on Japanese-style ramen Price (08 Jun 26):¥2,655

sales trends, capex plan ▼Price Target (Dec-26):¥2,800 Prior (Dec-26):¥3,400

We lower our December 2026 price target from ¥3,400 to ¥2,800 but maintain our

Neutral rating. We expect profits to be weighed down by cost inflation stemming Japan Equity Research

from the deteriorating situation in the Middle East, and by an increase in Food, Beverage, and Tobacco

deprecation costs in connection with the start-up of new plants in Japan, the US, AC Satoshi Fujiwara

and Mexico. In addition, we expect the rollout of Japanese-style bagged ramen in (81-3) 6736-8652

the US to drive up listing fees and marketing spend. The company is positioning satoshi.fujiwara@jpmorgan.com

Japanese-style instant ramen as a global strategic product, and in the immediate Hideto Takahashi

term, our focus will be on sales trends. (81-3) 6736-8638

hideto.takahashi@jpmorgan.com

• We lower our core operating profit forecasts to reflect the rise in depreciation JPMorgan Securities Japan Co., Ltd.

as well as the addition of equity-method affiliate N-URC (Philippines) to the

scope of consolidation in January 2027. Our new forecasts are as follows:

Key Changes (FYE Mar) FY2026 ¥67.6 billion (+6% YoY, +2% on a constant-currency basis, guidance

Prev Cur Δ

¥65.5-70.0 billion), FY2027 ¥73.9 billion (+9%), and FY2028 ¥79.4 billion Adj. EPS - 27E (¥) 177.87 166.18 -6.6%

(+7%). Note that we do not factor in any gains on step acquisitions stemming Adj. EPS - 28E (¥) 194.21 175.51 -9.6%