Food: With Focus Shifting from Downstream to Upstream, Expect Higher Valuations for B2B Companies with Unique Competitive Advantages

研报英文原文证据摘录

Food: With Focus Shifting from Downstream to Upstream, Expect Higher Valuations for B2B Companies with Unique Competitive Advantages

FoundationM

Coverage Companies: Key Ratios

MARKET

COMPANY NAME TICKER CCY CAP EPS PER ROE EV/EBITDA FCF YIELD (%) NET DEBT/EBITDA

(¥bn)

2026/07/22 FY0 FY1 FY2 FY3 FY1 FY2 FY0 FY1 FY2 FY1 FY2 FY1 FY2

Calbee 2229.T JPY 394.8 140 140 145 145 21.1 20.4 8.3 8.4 7.9 2.1 2.3 NA NA

Kikkoman 2801.T JPY 1,570.0 66 70 76 84 23.2 21.4 11.5 13.2 12.2 1.0 2.0 NA NA

Kewpie 2809.T JPY 645.9 221 181 194 208 25.3 23.5 9.7 10.2 9.9 (0.2) (1.7) NA NA

Nichirei 2871.T JPY 544.8 109 95 124 129 22.4 17.1 10.0 10.9 9.0 0.6 (4.6) 1.0 1.3

Nissui 1332.T JPY 391.5 90 97 103 222 13.2 12.5 9.5 9.9 9.5 (8.3) 0.6 4.3 4.2

Yakult Honsha 2267.T JPY 840.3 151 171 129 134 16.2 21.6 7.5 12.6 12.4 (6.0) 0.5 0.4 0.6

FUJI OIL 2607.T JPY 340.3 130 275 312 344 14.2 12.5 5.0 8.8 8.0 7.8 4.2 3.4 3.0

Itoham Yonekyu 2296.T JPY 280.2 356 327 343 339 14.9 14.2 7.0 10.5 9.8 10.0 3.5 3.3 3.1

Ajinomoto 2802.T JPY 5,136.0 139 145 174 208 36.3 30.3 17.7 17.5 15.5 0.6 1.0 0.4 0.4

Yamazaki Baking 2212.T JPY 732.7 207 206 214 220 16.2 15.5 9.4 6.1 5.7 3.4 3.3 NA NA

NH Foods 2282.T JPY 587.1 361 399 422 461 15.6 14.8 6.6 7.6 7.7 1.5 0.4 2.0 2.3

Nissin Foods 2897.T JPY 859.1 157 164 168 169 17.6 17.2 9.1 9.6 9.6 0.1 1.2 1.7 1.8

Meiji HDs 2269.T JPY 1,052.3 129 233 251 277 16.0 14.9 4.6 7.2 6.7 (3.9) 1.2 0.6 0.6

Toyo Suisan 2875.T JPY 1,186.4 713 709 753 807 15.1 14.2 13.9 7.1 6.7 4.4 1.9 NA NA

Morinaga Milk 2264.T JPY 415.0 69 77 87 95 15.5 13.9 8.4 6.9 6.4 6.5 (0.1) 0.7 0.7

Ezaki Glico 2206.T JPY 348.7 79 146 157 168 35.0 32.4 1.8 8.0 8.0 6.4 (0.6) NA NA

Source: Morgan Stanley Research. Forward data based on Morgan Stanley Research estimates. Market Cap from FactSet.

Morgan Stanley MUFG 3