28 May 2025 | 5:35PM JST Meiji Holdings (2269.T) Earnings wrap: We expect FY3/25 operating profits to miss guidance, but this appears to be largely priced in; Neutral | | | We revise our FY3/26-FY3/28 operating profit estimates for Meiji Holdings by -0.1%/+0.4%/+0.5% in light of FY3/25 results. We revise our FY3/26 operating profit estimate for the food segment by +¥0.7 bn, for the pharmaceuticals segment by +¥0.2 bn, and for adjustments by -¥1.0 bn, resulting in a net decrease of just -¥0.1 bn. Relative to ...