Japan Food Manufacturers and Household & Personal Care: January-March 2026 results review

Research evidence excerpt

Japan Food Manufacturers and Household & Personal Care: January-March 2026 results review

Japan Food Manufacturers and Household & Personal

Care

17 June 2026 Citi Research

Figure 3. Our 17 food/HPC sector rankings: Near-term share price outlook, key investment points, potential catalysts

Ticker Company Name Near-termshare price outlook, key investment points, and catalysts

Ajinomoto’s share price fell after Q4 results due to conservative FY3/27 sales guidance for functional materials, but increased thereafter. It plans to hold a functional materials

2802 Ajinomoto briefing on June 30, and could present catalysts that reconfirmthe growth potential of this business. We believe the briefing could also confirmthe strength of the ABF supply

structure, which is a stock market concern.

Earnings improved YoYin Q1, and progress on FY12/26 business profit guidance was favorable. Sales volume grew 4% YoY, and we expect this trend to continue fromQ2,

2579 Coca Cola Bottlers Japan driven mainly by carbonated beverages, where Coca-Cola has competitive advantages. It will revise prices ahead of industry peers fromSeptember 1, and we see high visibility

for achieving FY12/26 guidance due to ongoing reformbenefits. We also expect a firmshare price.

FY3/26 results beat guidance revised down at Q3, and Lifedrink issued strong FY3/27 guidance for OPto rise more than 20%. It also showed strong intent to revise prices,

2585 Lifedrink leaving a positive impression and strengthening the share price. We expect the share price to react more positively if quarterly results confirmprogress with price revisions and

improvement in logistics costs, which were a problemin FY3/26.

Q1 profits increased YoYin all consumer-related businesses, but this was partly negated by a profit decline in chemicals.