The Nissin Foods Group was founded in 1958, when its founder, Momofuku Ando, invented the world’s first instant noodles, Chicken Ramen. Guided by the belief that “peace in society comes only when people are well fed,” the Group operates under the vision of “EARTH FOOD CREATOR,” contributing to society and the planet through food.

The core of its business is instant noodles, with strong brand power both in Japan and overseas, led by Cup Noodles. The Group has also expanded into frozen and chilled foods, confectionery, and beverages, while strengthening overseas operations as its next growth driver.

In addition, under “EARTH FOOD CHALLENGE 2030,” the Group is promoting initiatives such as CO₂ reduction and the adoption of environmentally friendly packaging. By emphasizing food safety, health-conscious products, and human resource development, it aims for sustainable growth.

Below is the outlook for the second half and full fiscal year ending March 2026 (as of the second quarter):

• Second-half performance outlook: Traditionally, Nissin’s results have been stronger in the first half and weaker in the second half; however, for the current fiscal year, profitability is expected to remain solid in the second half. Specifically, performance is projected to progress steadily in the third quarter and recover significantly in the fourth quarter.
• Downward revision of full-year forecasts: Based on first-half results and the second-half outlook, full-year forecasts have been revised downward as follows:
• Revenue: ¥792.0 billion (down 2.2% from the initial forecast)
• Core operating profit of existing businesses: ¥68.5 billion (down 18.1% from the initial forecast)
• Net profit: ¥43.0 billion (down 18.9% from the initial forecast; improved from the previously expected 23.2% decline)

Mitsubishi UFJ Financial Group (MUFG) is one of the world’s leading comprehensive financial groups, comprising core subsidiaries such as MUFG Bank, Mitsubishi UFJ Trust and Banking, and Mitsubishi UFJ Securities Holdings. With a global network spanning over 50 countries, MUFG offers a broad array of services including commercial banking, trust banking, securities, credit cards, consumer finance, and asset management.

The group distinguishes itself through a global strategic alliance with Morgan Stanley and a robust business platform in Asia, anchored by partner banks such as Krungsri in Thailand and Bank Danamon in Indonesia.

Under its corporate purpose, "Committed to empowering a brighter future," MUFG is currently pursuing a profound transformation to become a digital-driven and agile organization. The group integrates business growth with the resolution of environmental and social issues, such as its commitment to achieving carbon neutrality, thereby striving to enhance corporate value sustainably.

FANUC is one of the world’s largest industrial robot manufacturers, yet its true character is far more multifaceted than its public image suggests.

While the company upholds the management philosophy of “Rigorousness and Transparency,” an internal audit revealed long-standing regulatory noncompliance, exposing a gap between corporate ideals and organizational culture.

At the same time, FANUC’s average annual salary of around ¥12.5 million is exceptional for the manufacturing sector, highlighting its strategic investment in top-tier talent to sustain cutting-edge technology.

The company has also strengthened employee-centric policies, including generous benefits, health management, and diversity initiatives.

The coexistence of its traditional “narrow path” philosophy and bold innovations such as digital twins encapsulates both the company’s strengths and its challenges.

Namura Shipbuilding Co., Ltd. is a Japanese shipbuilder with a history spanning more than a century, having been founded in 1911. Over time, it has evolved from a small private shipyard in Osaka into a diversified corporate group with a significant presence in the global maritime industry. Key milestones—such as its public listing, the establishment of the Imari Plant as a modern newbuilding hub, and the acquisition of Sasebo Heavy Industries—have strengthened its scale, technological capabilities, and competitiveness.

Today, the Namura Shipbuilding Group operates across four core business segments: new shipbuilding, ship repair, steel structures and machinery, and supporting services. New shipbuilding remains the group’s central pillar, with a strong focus on high-value-added and environmentally friendly vessels, including advanced LPG and ammonia carriers designed to meet increasingly strict international regulations. Ship repair provides stable earnings through maintenance of commercial and government vessels, while steel structures and machinery extend the group’s engineering expertise into infrastructure and industrial markets.

The company’s strategic vision emphasizes sustainable growth through reinforcement of its core shipbuilding business, maximization of group synergies among its major subsidiaries, and a strong commitment to ESG principles. Initiatives such as smart factory development, green ship technologies, and structured human capital development underpin this strategy.

At the same time, Namura Shipbuilding faces a wide range of risks, including global economic volatility, intense international competition, environmental regulation pressures, foreign exchange fluctuations, long-term contract profitability, material procurement challenges, workforce succession, quality assurance, compliance, and crisis management. By proactively addressing these risks, the company aims to maintain resilience and long-term value creation in a rapidly changing global environment.

Naikai Zosen Corporation is a long-established Japanese shipbuilder whose development has been shaped by strategic leadership renewal, organizational streamlining, and a consistent focus on technical capability. A key milestone occurred in 2009, when Hitachi Zosen became the largest shareholder and a new management structure was introduced, followed by planned presidential successions through 2024. These measures strengthened governance and enabled the company to adapt to changing market conditions.

Shipbuilding is the core business, generating the vast majority of revenue. The company adopts a diversified “product mix” strategy, constructing product and chemical tankers, LPG carriers, car carriers, RORO ships, container vessels, ferries, and specialized ships such as patrol and training vessels. This breadth allows flexibility in responding to customer needs and market fluctuations. Supporting land-based, energy, and service businesses are operated through its consolidated subsidiary, Naikai Engineering.

Guided by a customer-first philosophy, Naikai Zosen prioritizes the development of environmentally compliant vessels, cost competitiveness, human resource development, and robust governance. These strategies drove a major financial turnaround, resulting in consolidated net income of ¥2.25 billion in the fiscal year ended March 31, 2024, and full compliance with Tokyo Stock Exchange Standard Market requirements.

The company actively manages key risks, including raw material price volatility, global competition, exchange rate exposure, talent succession, and geopolitical supply chain instability, aiming to ensure sustainable growth and long-term corporate value.

Itochu Corporation (8001) is a Japanese trading and investment company that operates as a global connector across a wide range of industries, from food and consumer goods to energy, resources, and digital services. Rather than focusing on a single sector, Itochu builds integrated value chains by combining two core functions: global trading and long-term business investment. Through trading, it connects producers, suppliers, and markets worldwide; through investment, it takes active roles in partner companies, providing capital, expertise, and management support to foster sustainable growth.

Itochu’s activities are guided by the long-standing philosophy of “Sampo Yoshi”—good for the seller, good for the buyer, and good for society. This principle shapes its approach to sustainability, infrastructure development, renewable energy, circular resource use, and consumer-focused innovation. By aligning profitability with social value, Itochu positions itself as a modern merchant company that addresses complex global needs while supporting a more sustainable and resilient economy.

Isuzu Motors: A Snapshot of the Global "Transportation" Partner

1. Introduction: The Isuzu Philosophy

Established in 1937, Isuzu Motors is a global company built on the corporate philosophy of supporting "transportation" (「運ぶ」を支え) as a trusted partner to enrich lives around the world.

2. Core Business: Powering Global Logistics and Mobility

Isuzu's business is centered on producing vehicles and powertrains that are essential to global commerce and daily life.

• Commercial Vehicles (CVs): As a leader in trucks and buses, Isuzu manufactures the backbone of global logistics. Its key product lines include the heavy-duty Giga, medium-duty Forward, light-duty Elf, and the Erga series of city buses.

• Light Commercial Vehicles (LCVs): The company is renowned for its globally successful D-MAX, a one-ton pickup truck. Produced in Thailand, the D-MAX is sold in approximately 120 countries and is valued for its durability in both commercial and passenger applications.

• Powertrains & Engines: A core component of Isuzu's business is its world-class diesel engine technology, which powers its own vehicles and is supplied to other global partners.

This focused product portfolio serves as the foundation for Isuzu's expansive international network.

3. Global Footprint and Market Leadership

Isuzu operates an extensive sales and service network in over 150 countries. The company holds a strong market position and commands leading share in key regions, including ASEAN, North America, and Australia.

4. A Balanced View: Overcoming Challenges

Isuzu's current global standing is built on a foundation of proven resilience, having overcome significant historical difficulties, including navigating major operating losses and restructuring in the early 2000s. Today, the company actively manages ongoing business risks to ensure stability and growth. Key challenges include:

• Market Volatility: The business is exposed to foreign exchange fluctuations and economic slowdowns, particularly in emerging markets.

• Customer Dependency: A portion of Isuzu's sales relies on large corporate customers, whose own production and sales volumes can impact Isuzu's performance.

This disciplined approach to risk management enables Isuzu to confidently invest in its forward-looking strategy.

5. The Road Ahead: Driving the Future of "Transportation"

Isuzu is transforming into a "commercial mobility solutions company" to meet the needs of the next generation. The company is committed to developing new technologies to solve pressing social challenges, from carbon neutrality to logistics labor shortages. This is demonstrated by the development and launch of electric vehicles like the Elf EV and Erga EV, as well as a focused pursuit of autonomous driving solutions to create a safer and more efficient future.

Kao Corporation is a Japanese consumer goods and chemicals company with more than 130 years of history, guided by its founding philosophy of Yoki-Monozukuri—the creation of products with genuine value. Its management framework, “The Kao Way,” is built on ethical governance (Walking the Right Path) and Constant Innovation, providing investors with a foundation of trust, resilience, and long-term value creation.

Kao operates five core business segments: Hygiene & Living Care, Health & Beauty Care, Life Care, Cosmetics, and Chemicals. The company owns globally recognized brands such as Attack, Bioré, Merries, Curél, KANEBO, and MOLTON BROWN, several of which generate annual sales exceeding ¥100 billion. This diversified portfolio supports stable cash flows while enabling selective expansion in premium and high-growth categories.

Under its medium-term plan, K27, Kao is implementing the Global Sharp Top strategy, focusing resources on achieving leadership in specific high-value segments rather than competing broadly. Asia—particularly China and Indonesia—is positioned as the primary growth engine, while structural reforms aim to improve profitability in Europe and the Americas.

Kao’s long-term competitive advantage lies in its Essential Research philosophy, which has produced innovations such as Bio IOS sustainable surfactants, Fine Fiber Technology, and RNA Monitoring, opening pathways into personalized wellness and precision life care. Combined with its ESG-driven Kirei Lifestyle Plan, disciplined EVA® and ROIC management, and a multi-decade record of dividend growth, Kao represents a durable, long-term investment opportunity.