At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Collaborative relationships with internal and external stakeholders are essential to achieving our mission. We therefore seek to deepen the relationship of trust with our stakeholders by disclosing specific details of our activities, including dialogue with the companies in which we invest.
This month, we'll report on the following activities.
Our Dialogue with Nissin Foods Holdings Co., Ltd.
Nissin Foods Holdings was founded in 1958 by Momofuku Ando, and its core business is the manufacture and sale of instant noodles. Since its founding, the company has strived to create new "foods" by improving its product development and marketing capabilities. Cup Noodle, the company's flagship product, was launched in 1971 and created the instant noodle in a cup, a product genre that had never existed before. Innovations such as easy-to-carry containers and appropriate noodle forming methods have led to the continuous creation of new products.
The company is currently focusing on product development with an emphasis on the environment and health. On the environmental front, the company is promoting the use of vegetable proteins, which have a lower environmental impact than animal proteins. For example, one of the main ingredients in Cup Noodles is diced meat which is made from soybeans to reduce environmental impact. In addition, research and development of vegan and cultured products is underway, with the goal of further reducing environmental impact in the future through technology and marketing opportunities.
On the health front, Nissin Foods Holdings is focusing on the issue of unbalanced calorie and nutrient intake among people today. Specifically, the company has identified increased health risks due to excess calories and hidden malnutrition caused by improper diets as social issues. To address these issues, the company is working to produce and market nutritionally balanced, easy-to-eat foods that are readily available. The most advanced product is a complete nutritional meal. In 2021, the company began serving this as a meal in its cafeteria, and in 2022 it began offering this as a packaged product for the general public under the brand name "KANZEN MEAL" (perfect meal). The "KANZEN MEAL" brand contains 33 nutrients, including vitamins and minerals as defined by the "Dietary Reference Intakes for Japanese" published by Ministry of Health, Labour and Welfare, and is also designed to be delicious. The brand offers a variety of instant noodles and frozen meals, with cumulative shipments reaching 28 million servings in June 2024. Currently, the KANZEN MESHI is only available in Japan, but the company is looking to expand overseas in the future. As nutritional balance issues differ from country to country, the company is considering developing products tailored to local needs.
Nissin Foods Holdings also conducts very unique sustainability disclosure activities. For example, the company discloses the results of its analysis of the relationship between non-financial KPIs and corporate value, where it discloses that "the number of products contributing to social issues" has a 1.0% positive impact on corporate value in the current year.
In terms of communication, the company also uses its marketing capabilities, which is one of its strengths, to implement unique initiatives. In particular, the "VALUE CREATION BOOK" (*1) is a booklet based on the content of the Integrated Report, with an emphasis on clarity and design. This booklet was created in collaboration with the branding and marketing departments and incorporates elements of Japanese culture such as kabuki and anime in its design. The VALUE CREATION BOOK was highly acclaimed by global standards, winning the top award at the International ARC Awards 2023, the world's largest annual report competition, and helping to raise the company's profile.
Cadira Capital Management holds regular meetings with Nissin Foods Holdings. In our meetings, we confirm the corporate thinking behind its unique initiatives while communicating our expectations for its continued promotion of these activities. We believe that using the company's outstanding marketing capabilities to raise consumer awareness of environmental and health issues will bring significant value to society. In response to this expectation, the company said, "We want to make it clear that health promotion leads to results such as reduced medical costs". In this way, Nissin Foods Holdings has a well-functioning dialogue cycle in which feedback on disclosure is sought and reflected in the next disclosure, and this system is highly commendable. In addition, Nissin Foods Holdings has requested our feedback on its upcoming integrated report, which we plan to include as a main agenda item at our next meeting and promote our dialogue.
At the same time, we pointed out areas for improvement. For example, when we became aware that the ESG information provider's data on Nissin Foods Holdings might be incomplete, we contacted the company and the responsible department promptly reviewed and corrected the data. Had this data deficiency been left unaddressed, the company's reputation for health and safety could have been damaged, and we believe that the prompt and appropriate response contributed to increasing corporate value. At our recent meeting, we also reviewed the background and status of the company's response to the Fair Trade Commission's warning that the company may have violated resale price maintenance provisions. The company stated that management is aware of the issue and is working to improve its operations. We expect the company to take appropriate action and will continue to monitor future developments.
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