Nichirei Corporation (2871): Remaining Neutral: Full-year contribution from price hikes expected to support profit growth in FY2027; focus on asset securitization

研报英文原文证据摘录

Nichirei Corporation (2871): Remaining Neutral: Full-year contribution from price hikes expected to support profit growth in FY2027; focus on asset securitization

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

02 July 2026

Nichirei Corporation (2871)

Remaining Neutral: Full-year contribution from price Neutral

hikes expected to support profit growth in FY2027; 2871.T, 2871 JP

focus on asset securitization Price (01 Jul 26):¥2,100

▲Price Target (Dec-26):¥2,200

Prior (Dec-26):¥1,700

We raise our December 2026 price target from ¥1,700 to ¥2,200 but maintain our

Neutral rating. Price increases are planned for almost all household-use and Japan Equity Research

commercial-use products in August 2026 (this includes some size changes). We Food, Beverage, and Tobacco

believe the revisions can absorb cost inflation, including higher packaging costs AC Satoshi Fujiwara

caused by a worsening of the situation in the Middle East. In addition, cost inflation (81-3) 6736-8652

could subside in FY2027 thanks to a decline in US procurement prices, increasing satoshi.fujiwara@jpmorgan.com

the likelihood of earnings growth. Comments by Nichirei about the possibility of Hideto Takahashi

securitizing low-temperature logistics assets have also increased investor interest (81-3) 6736-8638

in the stock. We will focus on the strategy to improve ROIC, including the extent hideto.takahashi@jpmorgan.com

to which existing facilities can be streamlined. JPMorgan Securities Japan Co., Ltd.

• Earnings estimates: Nichirei’s fiscal year-end will change from March to Key Changes (FYE Dec) December in 2026 (FY2026 is an irregular period, comprising nine months for

Prev Cur Δ

domestic businesses and 12 months for overseas businesses). We factor this Adj. EPS - 26E (¥) 111.57 102.26 -8.4%