日清食品控股（2897.T）收益总结：预计未来两年利润增长基本持平；中性

Investment Rating - The report assigns a Neutral rating to Nissin Foods Holdings with a 12-month price target of ¥3,700, indicating an upside potential of 19.7% from the current price of ¥3,090 [1][3]. Core Insights - The report anticipates largely flat profit growth for the next two years, with core operating profits from existing businesses revised to +2.9%/-0.2%/-2.3% for FY3/26-FY3/28, reflecting a year-on-year growth of -0.8%/+0.2%/+2.3% [1][18]. - The downward revision in profit estimates is attributed to delayed depreciation expenses due to the postponement of the new US factory's start date, leading to expectations that FY3/26 profits will miss guidance primarily due to weakness in the US market [1][18]. - The target price has been lowered from ¥3,900 to ¥3,700, with a slight adjustment in the target multiple from 20.5X to 20X based on recent share price movements [1][20]. Financial Estimates - For FY3/26, total revenue is estimated at ¥798.0 billion, with a year-on-year growth of 2.8%. Core operating profit is projected at ¥82.9 billion, reflecting a slight decline of 0.8% year-on-year [4][13]. - Net profit for FY3/26 is expected to be ¥53.4 billion, down from previous estimates, with an EPS of ¥185.1 [4][13]. - The report highlights that the company's core operating margin is estimated at 10% for FY3/26, compared to 15% for competitors, indicating a need for improvement in margins to enhance return on equity (ROE) [18][19]. Market Performance - The report notes that Nissin Foods has experienced a decline in US market performance, with expectations of flat volume and a 4.0% increase in average selling price (ASP) for FY3/26 [1][18]. - The company's net margin is projected at 6.7%, which is lower than competitors, suggesting that improving margins will be crucial for enhancing ROE [18][19]. - The report also indicates that investor interest is focused on net margin and ROE, with Nissin's leverage appearing better than competitors, but the low net margin is a concern [18][19].