Top meeting: aims to achieve ROE of 12%+; capital efficiency could improve

研报英文原文证据摘录

Top meeting: aims to achieve ROE of 12%+; capital efficiency could improve

9 June 2026

Tokyo Intraday Comment

Foods Nichirei (2871)

Rating: Buy

Price Objective: ¥2,350

Company Note While Nichirei’s first meeting for sell-side analysts hosted by president and CEO

Share price: ¥1,966 (8 Jun) Kazunori Shimamoto on 8 June contained no surprises, we highlight Mr. Shimamoto’s

Senior Analyst: Hiroshi Saji ambition to leverage his roughly 30-year career in the temperature-controlled logistics

business and demonstrate leadership in portfolio management. Mr. Shimamoto also

stated that the company is considering liquidating domestic assets and is exploring ways

to accelerate growth, particularly overseas, with the aim of generating synergies in the

foods and temperature-controlled logistics businesses. Another point of note is that Mr.

Shimamoto expressed a determination to achieve ROE of 12% or above, exceeding the

10% or higher target set as a KPI in the current medium-term plan (MTP). Our focus

going forward is on the potential for capital efficiency to improve as the company moves

to liquidate domestic assets and bolster its overseas business.

When reporting 4Q FY3/26 results, the company lowered its FY3/28 medium-term OP

target by 19% (¥10.8b) to exclude the M&A boost originally factored into its current

MTP (which runs through FY3/28). The new medium-term OP target is in line with our

forecast (¥45.2b; see our 13 March report). The meeting reaffirmed our view that M&A

in the foods business will remain a theme in Europe, where the company has already

established an operational base for temperature-controlled logistics. We will be watching

for new developments going forward.

Alongside 4Q FY3/26 results (see our 12 May report), the company presented five