摩根士丹利于9月14-18日走访亚洲投资者，反馈显示市场对日本食品行业的关注度较3月明显升温。原因包括AI主导行情出现拐点、日元升值以及内阁决定下调食品消费税，投资者更看重食品企业盈利的防御性。但报告提醒，日元仅小幅走强对食品企业盈利影响有限，中东局势影响将在7-9月业绩中充分体现，今夏恶劣天气等短期因素亦值得关注。个股方面，投资者普遍看好龟甲万（Kikkoman），因其美国第三家酱油厂如期于4月投产、管理能力受认可，并期待2026年下半年美国提价；对Kewpie看法分化，部分认为其估值较龟甲万缺乏吸引力；明治控股与山崎面包方面，市场关注提价后面包需求的可持续性；味之素、森永乳业等BtoB标的被视为股价回调中的买入机会；对NH Foods整体偏谨慎，对不二制油、养乐多等亦有讨论。行业观点维持「In-Line」（同步大市）。
Our Sep 14-18 visits to investors in Asia gave us an impression of greater interest in Food than when we last visited in Mar, amid developments including a shift from an AI-dominated market, food consumption tax cut, and upward shift in the yen. Interest in the Food industry has risen: Investors have become more interested in the Food industry since our last visits in March, which we attribute to increased interest in the defensive nature of food company earnings amid background debates in the stock market on subjects such as a turning point in the AI-driven market, recent yen appreciation, and the Cabinet decision to cut consumption tax on food. However, our visits also gave an opportunity to underline the likely limited impact on food company earnings of the recent, narrowly higher shift in the yen, prospect of effects of the Middle East situation showing up fully in results for Jul-Sep, and other factors to be aware of in the near term including adverse weather this summer. In our l