Itoham Yonekyu Holdings (2296) | Japan F3/27 1Q Results: Better-than-expected Start; Also Watch Effects of New Zealand Acquisition

研报英文原文证据摘录

Itoham Yonekyu Holdings (2296) | Japan F3/27 1Q Results: Better-than-expected Start; Also Watch Effects of New Zealand Acquisition

Update

August 3, 2026 11:24 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MItoham Yonekyu Holdings (2296) | Japan Tomonobu Tsunoyama

Equity Analyst

F3/27 1Q Results: Better-than- Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

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

expected Start; Also Watch Haruka Miyake

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

Effects of New Zealand Jully Ussui

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

Acquisition

AlphaSignals Earnings Reaction

Unchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Itoham Yonekyu Holdings (2296.T, 2296 JT)

Source: Company data, Morgan Stanley Research Food | Japan

Stock Rating Equal-weight

Industry View In-Line

Key Takeaways Price target ¥4,900

Shr price, close (Aug 3, 2026) ¥4,960

1Q (Apr-Jun) OP was ¥9.1bn (flat YoY; our forecast: ¥4.5bn). Mkt cap, curr, basic (bn) ¥281.5

Avg daily trading value (bn) ¥0.9

Segmental profit was ¥1.2bn in Processed Food (-42% YoY; our forecast ¥0.4bn)

and ¥8.6bn in Meat (+15%; ¥4.5bn).

Meat business absorbed the impact of the change in ANZCO FOODS' business

year (-¥1.1bn) to start the year with profit growth.

New consolidation of Greenlea (acquisition announced in June) is currently

awaiting regulatory approvals.

1Q results also better than company envisioned: Meat business in particular saw

OP increase to ¥4.5bn (from ¥4.1bn last year) as the ¥1.1bn hit from the change in

ANZCO's business year was absorbed (1Q last year was an irregular period covering

Jan-Jun).