Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

Morinaga Milk Industry Co / Equity Bottom-Up

<ul><li>The company reported sales of JPY293.3bn, operating profit of JPY20.8bn, and net income of JPY14.6bn. </li><li>MILEI GmbH contributed significantly to profit growth, driven by high whey market prices and export growth. </li><li>Full-year forecast revised to JPY570.0bn sales, JPY33.0bn operating profit, and JPY19.0bn net income, with dividend increase. </li></ul>

The company reported sales of JPY293.3bn, operating profit of JPY20.8bn, and net income of JPY14.6bn. MILEI GmbH contributed significantly to profit growth, driven by high whey market prices and export growth. Full-year forecast revised to JPY570.0bn sales, JPY33.0bn operating profit, and JPY19.0bn net income, with dividend increase. 

Morinaga Milk Industry Co (2264 JP): 1H FY03/26 flash update

<ul><li>In FY03/25, sales reached JPY561.2bn (+2.6% YoY), with operating profit at JPY29.7bn (+6.5% YoY).</li><li>For FY03/26, the company forecasts sales of JPY580.0bn (+3.4% YoY) and net income of JPY19.0bn (+248.0% YoY).</li><li>Under the Medium-Term Business Plan 2025–28, the company aims for a 7% operating profit margin by FY03/29.</li></ul>

In FY03/25, sales reached JPY561.2bn (+2.6% YoY), with operating profit at JPY29.7bn (+6.5% YoY).For FY03/26, the company forecasts sales of JPY580.0bn (+3.4% YoY) and net income of JPY19.0bn (+248.0% YoY).Under the Medium-Term Business Plan 2025–28, the company aims for a 7% operating profit margin by FY03/29.

Morinaga Milk Industry Co (2264 JP): Full-year FY03/25 flash update

<ul><li>Cumulative Q3 FY03/25 sales were JPY430.7bn (+1.8% YoY), with operating profit at JPY2.5bn (-8.9% YoY).</li><li>Net income fell by 76.5% YoY due to reduced operating and recurring profits and absence of prior extraordinary gains.</li><li>Sales increased across all business segments, but operating profits declined due to rising costs and promotional expenses.</li></ul>

Cumulative Q3 FY03/25 sales were JPY430.7bn (+1.8% YoY), with operating profit at JPY2.5bn (-8.9% YoY).Net income fell by 76.5% YoY due to reduced operating and recurring profits and absence of prior extraordinary gains.Sales increased across all business segments, but operating profits declined due to rising costs and promotional expenses.

Morinaga Milk Industry Co (2264 JP): Q3 FY03/25 flash update

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<ul>
<li>The food and beverage sector stands out for its aggressive dual approach—raising prices while driving internal efficiencies—which could position it for earnings outperformance if input cost inflation stabilizes.</li>
<li>Alcoholic beverage makers are facing near-term consumption risks post-price hikes. Yet they are pursuing structural cost improvements to safeguard margins.</li>
<li>Department store operators are balancing strong recent performance and structural transformation with near-term headwinds from remodeling and softer inbound trends.</li>
</ul>


The food and beverage sector stands out for its aggressive dual approach—raising prices while driving internal efficiencies—which could position it for earnings outperformance if input cost inflation stabilizes.
Alcoholic beverage makers are facing near-term consumption risks post-price hikes. Yet they are pursuing structural cost improvements to safeguard margins.
Department store operators are balancing strong recent performance and structural transformation with near-term headwinds from remodeling and softer inbound trends.


Japan Consumer Sector Update: Q4 FY2025 Wrap-Up and FY2026 Outlook

<ul><li>Q1 FY03/25 sales were JPY140.6bn (+0.6% YoY), operating profit JPY847mn (-11.7% YoY), and net income JPY5.3bn (-90.0% YoY).</li><li>Sales increased in Nutrition and Functional Foods (+2.3% YoY), Core Foods (+3.9% YoY), and B-to-B (+4.2% YoY).</li><li>Overseas business sales declined by 7.4% YoY, with operating profit down 68.2% YoY due to MILEI GmbH downturn.</li></ul>

Q1 FY03/25 sales were JPY140.6bn (+0.6% YoY), operating profit JPY847mn (-11.7% YoY), and net income JPY5.3bn (-90.0% YoY).Sales increased in Nutrition and Functional Foods (+2.3% YoY), Core Foods (+3.9% YoY), and B-to-B (+4.2% YoY).Overseas business sales declined by 7.4% YoY, with operating profit down 68.2% YoY due to MILEI GmbH downturn.

Morinaga Milk Industry Co (2264 JP): Q1 FY03/25 flash update

Japan

Morinaga Milk Industry Co., Ltd. produces and sells milk and related dairy products such as ice cream and yogurt.  The Company also develops biochemical product and pharmaceutical.

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Morinaga Milk Industry Co (2264 JP)