NH Foods

研报英文原文证据摘录

NH Foods

Global Markets Research

17 June 2026NH Foods

2282.T 2282 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

RatingWe await additional restructuring at processed

Remains Buyfoods segment

Target price

Revised strategy for processed foods segment key to achieving medium- Reduced from 7,800 JPY 7,400

term ROE target of 10%

Closing price JPY 6,050We reiterate Buy rating, await new restructuring plans 16 June 2026

Looking ahead, our focus will be on whether NH Foods can come up with a path to achieving

Implied upside +22.3%ROE of 10% from a medium-term perspective of around three years. It has been proactive

about shareholder returns with an eye to capital efficiency, and its strategy for the fresh meats

segment has been working too. We expect profits to fall in 27/3, but this is largely because of

the disappearance of one-time gains. Profits are now higher in absolute terms than they were

Relative performance chartprior to 25/3, and growth strategies are also coming into view. The processed foods segment

has been hampering improvement in companywide ROE. Progress has been made with

restructuring of the sausage business, but efforts in other businesses have been slow. We think

it is now time to talk about downsizing or even withdrawing from unprofitable businesses. The

company is becoming increasingly aware of ROIC, and we think it can make sensible decisions.

We look for swift action. We reiterate our Buy rating and obtain our target price of ¥7,400 by

multiplying our 27/3 adjusted EPS forecast (excluding restructuring-related costs) by a P/E of

17x (unchanged).

26/3 Q4 results: Ahead of our forecasts, particularly at fresh meats segment

NH Foods generated business profits of ¥10.2bn (up 4-fold y-y) in 26/3 Q4, driven by the fresh

meats segment.