Morinaga Milk Industry: Protein Production to Increase

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Morinaga Milk Industry: Protein Production to Increase

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June 8, 2026 08:02 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMorinaga Milk Industry (2264) | Japan Tomonobu Tsunoyama

Equity Analyst

Protein Production to Increase Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

What’s Changed Seki.Li@morganstanleymufg.com +81 3 6836-8934

Haruka Miyake

Morinaga Milk Industry (2264.T) From To Equity Analyst

Price Target ¥5,300 ¥5,900 Haruka.Miyake@morganstanleymufg.com +81 3 6836-5421

Jully Ussui

Morinaga’s German subsidiary MILEI now has visibility on raw ResearchJully.Akina.Ussui.Nakao@morganstanleymufg.comAssociate +81 3 6836-5408

materials procurement (a bottleneck), and expects to increase

whey protein production from 2H F3/28. We see this as a

positive catalyst that raises growth potential of overseas

business, which has global sales channels and 20%+ OP margins.

Morinaga Milk Industry (2264.T, 2264 JP)

Background to surge in whey protein prices: Structural changes in food

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consumption—(1) a shift toward improving dietary habits (from carbohydrate-heavy

Food | Japan

processed foods to protein), (2) issues of muscle loss and nutritional deficiencies

Stock Rating Overweight

associated with the spread of GLP-1, and (3) the functional upgrading of infant Industry View In-Line

formula—are tailwinds for the company’s overseas business supplying functional Price target ¥5,900

Up/downside to price target (%) 16

ingredients. In particular, demand for whey protein has recently expanded rapidly Shr price, close (Jun 8, 2026) ¥5,077

due to these factors. Meanwhile, whey, the raw material, is a byproduct of cheese, Mkt cap, curr, basic (bn) ¥411.7

Div yld (03/26e) (%) 2.1

making it difficult to increase supply easily.