F3/27 1Q Results: Strong Start Driven by Robust Top Line

研报英文原文证据摘录

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M

Update

August 5, 2026 11:15 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Meiji Holdings (2269) | Japan

Tomonobu Tsunoyama

Equity Analyst

F3/27 1Q Results: Strong Start

Driven by Robust Top Line

Seki Li

Research Associate

Haruka Miyake

Equity Analyst

Jully Ussui

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q OP was ¥22.7bn (+28% YoY; our forecast ¥16.5bn; consensus ¥20.2bn).

Meiji Holdings (2269.T, 2269 JP)

By segment, OP was ¥15.1bn in Food (+11% YoY; our forecast ¥13.2bn) and ¥8.4bn

Food | Japan

in Pharmaceuticals (+76% YoY; our forecast ¥4.8bn).

Management explained that Food performed broadly in line with plan, while the

Pharmaceuticals beat by ~¥2.0bn.

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Equal-weight

In-Line

¥4,100

¥3,610

¥978.7

¥5.2

We view the results as a strong start, driven by robust top-line growth in both

Food and Pharmaceuticals.

As part of its portfolio restructuring efforts, Meiji announced its exit from the

frozen food business.

Share price implications: Positive. We believe the results represent a strong start

led by robust top-line growth. While the impact of Middle East-related

developments is expected to become more pronounced from 2Q onward,

management expressed confidence in exceeding its full-year OP target. In the Food

business, sales of probiotic yogurt products (retail channel) and sports protein

products remained solid. In Pharmaceuticals, sales increased significantly across key

categories, including selective ROCK2 inhibitor REZUROCK, antibiotics, and generics.

Although the cocoa business started the year with a profit decline, sales remained

strong, and management stated that its initial assumption that lower raw material

costs would begin to benefit earnings from the latter half of 2Q remains unchanged.

…