Live News • May 15
Nichirei Cuts 2027 Outlook as Asset Sales Drive Record Profits and Overseas Growth Nichirei revised its 2027 targets, trimming sales and operating profit goals as raw material costs and inflation-related demand shifts weigh on its Foods Business outlook.
The company reported record profit in FY2025, supported by gains from selling cross-shareholdings, and plans to keep using asset sales and overseas temperature-controlled logistics growth to support profits into FY2026.
For the fiscal year ended March 31, 2026, Nichirei reported higher net sales and profits, adjusted its depreciation method to straight-line, reviewed asset lives under a new medium-term plan, and changed its fiscal year-end to December 31 while also carrying out a share split.
The focus now clearly leans toward efficiency and capital returns, with targets for at least 8% ROIC and 10% ROE, alongside a bigger push into overseas logistics and ongoing portfolio pruning through asset sales.
Investors may want to watch how much of current profit strength is tied to one-off asset disposals versus the underlying Foods and Logistics operations, especially as the company balances inflation pressures with its longer-term growth plan. Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥109 (vs JP¥97.34 in FY 2025) Full year 2026 results: EPS: JP¥109 (up from JP¥97.34 in FY 2025). Revenue: JP¥716.1b (up 2.0% from FY 2025). Net income: JP¥27.3b (up 11% from FY 2025). Profit margin: 3.8% (up from 3.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year and the company’s share price has also increased by 6% per year. Announcement • May 12
Nichirei Corporation, Annual General Meeting, Jun 24, 2026 Nichirei Corporation, Annual General Meeting, Jun 24, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Announcement • Mar 11
Nichirei Corporation to Report Q1, 2027 Results on Aug 07, 2026 Nichirei Corporation announced that they will report Q1, 2027 results at 3:30 PM, Tokyo Standard Time on Aug 07, 2026 Announcement • Mar 10
Nichirei Corporation to Report Q2, 2027 Results on Nov 10, 2026 Nichirei Corporation announced that they will report Q2, 2027 results at 3:30 PM, Tokyo Standard Time on Nov 10, 2026 Board Change • Feb 22
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Yukiko Yoshimaru was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 05
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: JP¥30.76 (up from JP¥30.27 in 3Q 2025). Revenue: JP¥190.0b (up 1.2% from 3Q 2025). Net income: JP¥7.71b (flat on 3Q 2025). Profit margin: 4.1% (in line with 3Q 2025). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 8.8%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 06
First half dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 2.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 13
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥33.92 (up from JP¥25.18 in 2Q 2025). Revenue: JP¥176.9b (flat on 2Q 2025). Net income: JP¥8.50b (up 32% from 2Q 2025). Profit margin: 4.8% (up from 3.7% in 2Q 2025). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 11% per year. Buy Or Sell Opportunity • Oct 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.6% to JP¥1,763. The fair value is estimated to be JP¥2,215, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 5.6%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 06
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: JP¥22.54 (down from JP¥25.23 in 1Q 2025). Revenue: JP¥170.8b (flat on 1Q 2025). Net income: JP¥5.65b (down 12% from 1Q 2025). Profit margin: 3.3% (down from 3.8% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Announcement • Jul 09
Mitsubishi Corporation (TSE:8058) completed the acquisition of 49.89% stake in Mitsubishi Shokuhin Co., Ltd. (TSE:7451) from a group of shareholders. Mitsubishi Corporation (TSE:8058) proposed to acquire 49.89% stake in Mitsubishi Shokuhin Co., Ltd. (TSE:7451) from a group of shareholders for approximately ¥140 billion on May 8, 2025. A cash consideration of ¥137.7 billion valued at ¥6340 per share will be paid by Mitsubishi Corporation. As part of consideration, ¥137.7 billion is paid towards common equity of Mitsubishi Shokuhin Co., Ltd.
The transaction is subject to minimum tender. Mitsubishi Shokuhin at a meeting of its board of directors express its opinion to support the Tender Offer and to recommend that its shareholders tender their shares in the Tender Offer. The Board of Directors of Mitsubishi Shokuhin Co., Ltd. formed a special committee for the transaction. As of June 12, 2025, the expiry date of offer extended to July 8, 2025 from June 19, 2025.
Nomura Securities Co., Ltd. acted as financial advisor for Mitsubishi Corporation. Nagashima Ohno & Tsunematsu acted as legal advisor for Mitsubishi Corporation. Shimada Hamba & Osajima acted as legal advisor for Mitsubishi Shokuhin Co., Ltd. SMBC Nikko Securities Inc. acted as financial advisor for Mitsubishi Shokuhin Co., Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor for Mitsubishi Shokuhin Co., Ltd.
Mitsubishi Corporation (TSE:8058) completed the acquisition of 49.89% stake in Mitsubishi Shokuhin Co., Ltd. (TSE:7451) from a group of shareholders on July 8, 2025. Declared Dividend • Jul 09
Final dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 4.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 15% over the next 3 years. However, it would need to fall by 56% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Jul 03
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥1,837. The fair value is estimated to be JP¥2,303, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 8.9% per annum over the same time period. Reported Earnings • Jun 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥195 (up from JP¥95.90 in FY 2024). Revenue: JP¥702.1b (up 3.2% from FY 2024). Net income: JP¥24.7b (up 1.0% from FY 2024). Profit margin: 3.5% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 83%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Reported Earnings • May 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥195 (up from JP¥95.90 in FY 2024). Revenue: JP¥702.1b (up 3.2% from FY 2024). Net income: JP¥24.7b (up 1.0% from FY 2024). Profit margin: 3.5% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 15% per year. Announcement • May 13
Nichirei Corporation, Annual General Meeting, Jun 25, 2025 Nichirei Corporation, Annual General Meeting, Jun 25, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥51.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Reported Earnings • Feb 05
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: JP¥60.54 (down from JP¥65.72 in 3Q 2024). Revenue: JP¥187.6b (up 3.0% from 3Q 2024). Net income: JP¥7.70b (down 8.3% from 3Q 2024). Profit margin: 4.1% (down from 4.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 11% per year. Announcement • Jan 03
Nichirei Corporation to Report Q3, 2025 Results on Feb 04, 2025 Nichirei Corporation announced that they will report Q3, 2025 results on Feb 04, 2025 Declared Dividend • Dec 06
First half dividend of JP¥51.00 announced Shareholders will receive a dividend of JP¥51.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: JP¥50.35 (down from JP¥52.66 in 2Q 2024). Revenue: JP¥176.1b (up 4.6% from 2Q 2024). Net income: JP¥6.43b (down 4.4% from 2Q 2024). Profit margin: 3.7% (down from 4.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.5%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 26
Nichirei Corporation to Report Q2, 2025 Results on Nov 05, 2024 Nichirei Corporation announced that they will report Q2, 2025 results on Nov 05, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.4%). Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥50.45 (vs JP¥38.88 in 1Q 2024) First quarter 2025 results: EPS: JP¥50.45 (up from JP¥38.88 in 1Q 2024). Revenue: JP¥171.2b (up 4.4% from 1Q 2024). Net income: JP¥6.44b (up 30% from 1Q 2024). Profit margin: 3.8% (up from 3.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 11
Final dividend of JP¥41.00 announced Shareholders will receive a dividend of JP¥41.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 07
Nichirei Corporation to Report Q1, 2025 Results on Aug 06, 2024 Nichirei Corporation announced that they will report Q1, 2025 results on Aug 06, 2024 Announcement • May 29
Nichirei Corporation to Report Fiscal Year 2025 Results on May 13, 2025 Nichirei Corporation announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥192 (up from JP¥167 in FY 2023). Revenue: JP¥680.1b (up 2.7% from FY 2023). Net income: JP¥24.5b (up 14% from FY 2023). Profit margin: 3.6% (up from 3.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Announcement • May 16
Nichirei Corporation, Annual General Meeting, Jun 25, 2024 Nichirei Corporation, Annual General Meeting, Jun 25, 2024. Buy Or Sell Opportunity • May 14
Now 22% undervalued Over the last 90 days, the stock has risen 2.4% to JP¥3,802. The fair value is estimated to be JP¥4,853, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Buy Or Sell Opportunity • Apr 19
Now 20% undervalued Over the last 90 days, the stock has risen 11% to JP¥3,869. The fair value is estimated to be JP¥4,863, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Price Target Changed • Mar 29
Price target increased by 9.7% to JP¥4,458 Up from JP¥4,064, the current price target is an average from 6 analysts. New target price is 7.6% above last closing price of JP¥4,143. Stock is up 54% over the past year. The company is forecast to post earnings per share of JP¥195 for next year compared to JP¥167 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (1.7%). Price Target Changed • Feb 14
Price target increased by 7.4% to JP¥4,004 Up from JP¥3,727, the current price target is an average from 5 analysts. New target price is 7.9% above last closing price of JP¥3,712. Stock is up 37% over the past year. The company is forecast to post earnings per share of JP¥186 for next year compared to JP¥167 last year. Reported Earnings • Feb 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥65.72 (up from JP¥54.39 in 3Q 2023). Revenue: JP¥182.2b (up 1.6% from 3Q 2023). Net income: JP¥8.39b (up 19% from 3Q 2023). Profit margin: 4.6% (up from 3.9% in 3Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Announcement • Dec 28
Nichirei Corporation to Report Q3, 2024 Results on Feb 06, 2024 Nichirei Corporation announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥52.66 (vs JP¥42.83 in 2Q 2023) Second quarter 2024 results: EPS: JP¥52.66 (up from JP¥42.83 in 2Q 2023). Revenue: JP¥168.2b (up 1.5% from 2Q 2023). Net income: JP¥6.73b (up 21% from 2Q 2023). Profit margin: 4.0% (up from 3.3% in 2Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Announcement • Sep 29
Nichirei Corporation to Report Q2, 2024 Results on Oct 31, 2023 Nichirei Corporation announced that they will report Q2, 2024 results on Oct 31, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥37.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: JP¥38.88 (vs JP¥32.83 in 1Q 2023) First quarter 2024 results: EPS: JP¥38.88 (up from JP¥32.83 in 1Q 2023). Revenue: JP¥164.0b (up 5.1% from 1Q 2023). Net income: JP¥4.96b (up 17% from 1Q 2023). Profit margin: 3.0% (up from 2.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Price Target Changed • Jul 08
Price target increased by 8.2% to JP¥3,460 Up from JP¥3,197, the current price target is an average from 5 analysts. New target price is 13% above last closing price of JP¥3,052. Stock is up 26% over the past year. The company is forecast to post earnings per share of JP¥175 for next year compared to JP¥167 last year. Announcement • Jun 30
Nichirei Corporation to Report Q1, 2024 Results on Aug 01, 2023 Nichirei Corporation announced that they will report Q1, 2024 results on Aug 01, 2023 Buying Opportunity • May 29
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be JP¥3,798, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 5.3%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings is also forecast to grow by 6.2% per annum over the same time period. Reported Earnings • May 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥167 (down from JP¥177 in FY 2022). Revenue: JP¥662.2b (up 9.9% from FY 2022). Net income: JP¥21.6b (down 7.8% from FY 2022). Profit margin: 3.3% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥26.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 15% and the cash payout ratio is 85%. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 10
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥54.39. Revenue: JP¥179.3b (up 13% from 3Q 2022). Net income: JP¥7.03b (flat on 3Q 2022). Profit margin: 3.9% (down from 4.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 4.0%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Food industry in Japan. Reported Earnings • Nov 03
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: JP¥42.83 (down from JP¥50.67 in 2Q 2022). Revenue: JP¥165.8b (up 9.8% from 2Q 2022). Net income: JP¥5.55b (down 18% from 2Q 2022). Profit margin: 3.3% (down from 4.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has remained flat. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 03
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: JP¥32.83. Revenue: JP¥156.1b (up 8.6% from 1Q 2022). Net income: JP¥4.25b (down 2.5% from 1Q 2022). Profit margin: 2.7% (down from 3.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 9.6%. Over the next year, revenue is forecast to grow 1.9%, compared to a 7.2% growth forecast for the industry in Japan. Reported Earnings • May 11
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥177 (up from JP¥159 in FY 2021). Revenue: JP¥602.7b (up 5.2% from FY 2021). Net income: JP¥23.4b (up 10% from FY 2021). Profit margin: 3.9% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 2.4%, compared to a 2.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Outside Director Mana Nabeshima was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: JP¥53.11 (up from JP¥45.60 in 3Q 2021). Revenue: JP¥159.2b (up 3.4% from 3Q 2021). Net income: JP¥7.04b (up 16% from 3Q 2021). Profit margin: 4.4% (up from 3.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 3.5%, compared to a 3.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Nov 04
Second quarter 2022 earnings released: EPS JP¥50.67 (vs JP¥41.40 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥150.9b (up 5.0% from 2Q 2021). Net income: JP¥6.75b (up 22% from 2Q 2021). Profit margin: 4.5% (up from 3.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 05
First quarter 2022 earnings released: EPS JP¥32.73 (vs JP¥40.22 in 1Q 2021) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: JP¥143.7b (up 4.1% from 1Q 2021). Net income: JP¥4.36b (down 19% from 1Q 2021). Profit margin: 3.0% (down from 3.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥159 (vs JP¥147 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥572.8b (down 2.1% from FY 2020). Net income: JP¥21.2b (up 8.2% from FY 2020). Profit margin: 3.7% (up from 3.4% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥159 (vs JP¥147 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥572.8b (down 2.1% from FY 2020). Net income: JP¥21.2b (up 8.2% from FY 2020). Profit margin: 3.7% (up from 3.4% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (2.7%). In line with average of industry peers (1.5%). Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥45.60 (vs JP¥56.57 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥154.0b (down 1.1% from 3Q 2020). Net income: JP¥6.08b (down 19% from 3Q 2020). Profit margin: 3.9% (down from 4.8% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.2%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 2.5% while theFood industry in Japan is not expected to grow. Is New 90 Day High Low • Jan 29
New 90-day high: JP¥3,040 The company is up 16% from its price of JP¥2,628 on 30 October 2020. The Japanese market is also up 16% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Food industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥2,806 per share. Announcement • Sep 17
Nichirei Corporation to Report Fiscal Year 2021 Results on May 11, 2021 Nichirei Corporation announced that they will report fiscal year 2021 results on May 11, 2021 
