Nissin Foods Holdings "Maintaining Neutral: signs of change, but negatives..."

研报英文原文证据摘录

Nissin Foods Holdings "Maintaining Neutral: signs of change, but negatives..."

Global Research

9 June 2026ab

Nissin Foods Holdings Equities

JapanMaintaining Neutral: signs of change, but

negatives persist Food Products

12-month rating Neutral

12m price target ¥2,900.0Bright prospects for premium instant ramen, but …

Prior : ¥3,300

We are lowering our EPS estimates by 8-12% to reflect higher costs associated with the

Middle East situation, as well as the moderation of management’s stance toward share Price (08 Jun 2026) ¥2,655

buybacks. We maintain our Neutral rating. We are positive on the company’s strategy of RIC: 2897.T BBG: 2897 JP

refocusing on its core strengths and moving to compete in the US with premium instant

ramen delivering Japanese-quality standards. However, earnings remain exposed to Trading data and key metrics

downside risk. Visibility is limited for both the cost impact stemming from the Middle 52-wk range ¥3,317-2,563

East situation and the effectiveness of the company’s mitigation measures. In addition, Market cap. ¥762b/US$4.76b

as competitors increase capacity in the US, we see a risk of stiffer competition in the base Shares o/s 287m (ORD)

products that generate half of the company’s sales. Focal points include whether these Free float 67%

headwinds will largely run their course in H1 FY3/27, and whether this premium instant Avg. daily volume ('000) 1,232

ramen initiative can become a game changer in the US market from H2 FY3/27 onward. Avg. daily value (m) ¥3,480.1

Common s/h equity (03/27E) ¥540b

Negatives: ME-related costs and stiffer competition in the US following capacity P/BV (03/27E) 1.4x

expansion Net debt to EBITDA (03/27E) 0.8x

The company plans to launch instant noodles delivering Japanese ramen shop-level