Earnings Forecast Updated to Reflect Fiscal Year-End Change

研报英文原文证据摘录

Earnings Forecast Updated to Reflect Fiscal Year-End Change

Update

June 23, 2026 06:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNichirei (2871) | Japan Tomonobu Tsunoyama

Equity Analyst

Earnings Forecast Updated to Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

Seki.Li@morganstanleymufg.com +81 3 6836-8934

Reflect Fiscal Year-End Change Haruka Miyake

Haruka.Miyake@morganstanleymufg.com +81 3 6836-5421

We are watching management reforms under new CEO Kazunori Jully Ussui

Shimamoto, who steered growth and overseas expansion at Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

Nichirei Logistics. Near term, Foods profit ticked upward in F3/26

4Q as price hikes absorbed higher costs, and sales, mainly for

commercial use, are keeping up brisk momentum.

Foods profit turned upward in F3/26 4Q: Quarterly OP turned upward in F3/26 3Q

with a YoY rise of 31% replacing the cumulative fall of 4% up to 3Q. In Foods in Nichirei (2871.T, 2871 JP)

particular, top-line growth has finally absorbed rising ingredients costs, while the Food | Japan

flat YoY outcome for Logistics partly reflects delayed activation of a new warehouse Stock Rating Overweight

Industry View In-Line

in Poland and one-time costs (~¥1.2bn in total) tied to M&A in SE Asia. Price target ¥2,300

Up/downside to price target (%) 13

Change in accounting period: Nichirei's switch to a Dec year-end in 2026 makes this Shr price, close (Jun 22, 2026) ¥2,040

Mkt cap, curr, basic (bn) ¥511.3

an irregular 9-month term when domestic business will contribute 9 months for Div yld (03/27e) (%) 2.5

Apr–Dec and overseas consolidated input will cover Jan–Dec, and results for F12/26 Fiscal Year Ending 03/26 03/27e 03/28e 03/29e