Food & Life (Sushiro) FY3Q26 preview: Another beat and raise?

研报英文原文证据摘录

Food & Life (Sushiro) FY3Q26 preview: Another beat and raise?

2 August 2026

Yugo Shima

+81 3 6777 6994

Japan Consumer yugo.shima@bernsteinsg.com

Food & Life Companies Ran Yang

+852 2123 2658

Rating ran.yang@bernsteinsg.com

Outperform

Price Target

3563.JP 7,500.00 JPY

Poised to surprise positively in FY3Q26. We expect operating profit to come in roughly Close Date 31 Jul 2026

1% above consensus, driven by solid revenue growth, a favorable mix, and FX support. The

3563.JP Close Price (JPY) 5,559.00

Japan business remains resilient despite June’s weather-related disruption, with quarterly

Price Target (JPY) 7,500.00

revenue up around 8% on the back of continued LFL traffic and ASP gains. International

Upside/(Downside) 35%

remains the key growth engine, led by mainland China where revenue in JPY terms is likely to

52-Week Range 5,893.00/3,122.00

have more than tripled YoY, supported by rapid store expansion, improving productivity, and

JPL 2,603.61

currency tailwinds, while other overseas markets such as Hong Kong, Macau, Taiwan, and

FYE Sep

Southeast Asia we have forecast c. 30% YoY growth.

Div Yield 0.4%

FY3Q26 strength should set up another guidance upgrade. Management currently Market Cap (JPY) (B) 1,290.46

guides FY2026 operating profit to JPY48.5bn, but stronger-than-expected overseas EV (JPY) (B) 1,457.79

momentum, expanding margins, and FX benefits argue for upside. We see a credible case for Performance YTD 1M 6M 12M

lifting FY2026 operating profit guidance into the JPY50–55bn range, continuing the recent Absolute (%) 40.5 13.9 31.2 45.6

pattern of upward revisions and better reflecting the earnings power of the international JPL (%) 18.0 (1.9) 10.3 38.2

portfolio as scale and productivity gains drive margin expansion. Relative (%) 22.5 15.8 21.0 7.5