Asahi Group "Reiterate Buy: undervalued from every angle" (Buy) Ihara

Research evidence excerpt

Asahi Group "Reiterate Buy: undervalued from every angle" (Buy) Ihara

Global Research

17 July 2026ab

Asahi Group Equities

JapanReiterate Buy: undervalued from every angle

Distillers & Brewers

12-month rating Buy

Equity market too pessimistic; Asahi left behind among global beer stocks

We are revising our EPS estimates for FY12/26-28 by +8%, -1%, and +3%, and we 12m price target ¥2,100.0

maintain our Buy rating. For FY12/26 we factor in a plant divestment gain, while from Prior : ¥1,900

FY12/27 we make only minor revisions. In the equity market, many investors seem

Price (17 Jul 2026) ¥1,603

concerned about delays in earnings disclosure due to system trouble and the

deteriorating consumption of beer in Eastern Europe and Australia. However, we believe RIC: 2502.T BBG: 2502 JP

the earnings disclosures will eventually catch up, and that weakness in beer

Trading data and key metrics

consumption is cyclical; we think the market is being overly pessimistic. Moreover, even

52-wk range ¥1,980-1,474

as the share prices of global beer companies facing similar business conditions have

recently rebounded, only Asahi's shares have remained sluggish, making them look Market cap. ¥2,345b/US$14.5b

undervalued on all multiples. The first turning point is likely to be Q3 results, when the Shares o/s 1,463m (ORD)

yoy hurdle falls and a return to growth in Europe and Australia should become visible. Free float 97%

Looking to FY12/27, EABL is expected to be fully consolidated, making substantial profit Avg. daily volume ('000) 6,513

growth likely. We believe the risk/reward is attractive. Avg. daily value (m) ¥10,098.4

Common s/h equity (12/26E) ¥3114b

The share price is likely to recover in the long term, but we expect more flexible P/BV (12/26E) 0.8x