Itoham Yonekyu Holdings (2296): 1Q results: Anzco strong; FY2026 guidance looks achievable despite volume risk in processed food

研报英文原文证据摘录

Itoham Yonekyu Holdings (2296): 1Q results: Anzco strong; FY2026 guidance looks achievable despite volume risk in processed food

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

03 August 2026

Itoham Yonekyu Holdings (2296) Neutral

2296.T, 2296 JP

1Q results: Anzco strong; FY2026 guidance looks Price (03 Aug 26):¥4,960

achievable despite volume risk in processed food Price Target (Dec-26):¥5,100

Somewhat positive: 1Q FY2026 recurring profit was ¥9.2 billion, flat YoY, Japan Equity Research

beating our estimate of ¥8.6 billion. The meat business performed well, with results

Food, Beverage, and Tobacco

at New Zealand subsidiary Anzco in particular above our estimates. From 2Q

onward, the company plans to implement price increases in processed foods to Satoshi Fujiwara AC

absorb higher costs, including the impact from the Middle East. While the risk of (81-3) 6736-8652

satoshi.fujiwara@jpmorgan.com

volume declines warrants attention, we assume Anzco’s strong performance will

Hideto Takahashi

continue and believe FY2026 guidance is achievable. FY2026 recurring profit (81-3) 6736-8638

guidance is ¥28.0 billion, down 8% YoY, versus our estimate of ¥28.2 billion. hideto.takahashi@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• 1Q results: 1Q recurring profit was flat YoY. Because Anzco changed its fiscal

year-end in the prior year, this 1Q (Apr–Jun) is compared against the prior

year’s Jan–Jun period, creating a negative factor of ¥1.1 billion YoY, but even

after factoring that in, profit increased by ¥0.8 billion YoY. Demand was solid

for both beef and lamb, and higher export prices contributed to profit growth.

In addition, in the meat business, the profit/loss on shipments received

improved due to higher imported chicken prices. However, prices have