NH Foods (2282): Small meeting with the president: Bold restructuring needed in processed foods segment

研报英文原文证据摘录

NH Foods (2282): Small meeting with the president: Bold restructuring needed in processed foods segment

J P M O R G A N Asia Pacific Equity Research

26 June 2026

NH Foods (2282) Neutral

2282.T, 2282 JP

Small meeting with the president: Bold Price (26 Jun 26):¥6,091

restructuring needed in processed foods segment Price Target (Dec-26):¥6,500

NH Foods hosted a small meeting between the president and sell-side analysts on Japan Equity Research

June 26. The biggest point was the possibility of additional restructuring in the

Food, Beverage, and Tobacco

processed foods segment. The segment’s progress versus guidance has been slow,

and the company expressed a view that further restructuring is needed. While it Satoshi Fujiwara AC

plans to sell low-profit businesses, we believe in-depth measures including asset (81-3) 6736-8652

satoshi.fujiwara@jpmorgan.com

and fixed cost reduction are also needed in the core categories of hams, sausages,

Hideto Takahashi

and deli food. We will monitor specific measures going forward. (81-3) 6736-8638

• Slow earnings progress in processed foods segment: NH Foods guides for hideto.takahashi@jpmorgan.comJPMorgan Securities Japan Co., Ltd.

FY2026 processed foods segment business profit of ¥12.0 billion, up ¥4.8

billion YoY, and a business profit margin of 2.1%, up 0.8ppt YoY. It cites

overseas restructuring and domestic volume growth as drivers of profit growth.

In Japan, we believe Schau Essen sales have been solid recently, but sales of

commercial-use products seem to have been below guidance. We believe

guidance was challenging to begin with, and we expect processed foods

segment business profit of ¥8.6 billion and a business profit margin of 1.6%,

which are below guidance.