Suntory Beverage & Food Ltd. (2587.T): Price hikes: Modest in scale, but likely to instill a degree of confidence

Research evidence excerpt

Suntory Beverage & Food Ltd. (2587.T): Price hikes: Modest in scale, but likely to instill a degree of confidence

Equity Research

18 June 2026 | 6:54PM JST

Suntory Beverage & Food Ltd. (2587.T): Price hikes: Modest in scale, but

likely to instill a degree of confidence

Suntory Beverage & Food announced price hikes on its domestic products on June Takashi Miyazaki

+81(3)4587-9896 |

18. Effective on shipments from November 1, the company will raise manufacturer’s takashi.miyazaki@gs.com

Goldman Sachs Japan Co., Ltd.

suggested retail prices (MSRP) on 131 items, with PET bottle prices increasing by

Megumi Taniguchi

5-12% (compared with October 2025 revisions which affected 234 items, with PET +81(3)4587-9877 |

bottle price hikes of 6-25%). Items targeted in this revision represent 55% of the megumi.taniguchi@gs.comGoldman Sachs Japan Co., Ltd.

total product lineup on an item-count basis. While Iyemon green tea (excluding

Tokucha) and BOSS coffee are subject to the price hikes, the company noted that

Suntory Tennensui mineral water is excluded. The price hikes announced by

Coca-Cola Bottlers Japan (CCBJ) in late May target 165 items effective on shipments

from September 1, with MSRP revision rates of 3.2-18.7% (compared with October

2025 revisions which affected 217 items, with MSRP revision rates of 4.8-23%).

Although this round of revisions is smaller and somewhat underwhelming compared

with the October 2025 price hikes, the fact that SBF announced its own increases

around three weeks after CCBJ’s announcement may foster a certain sense of

reassurance. The expected impact of the price hikes was not disclosed.

Price Target Risks and Methodology - Suntory Beverage & Food Ltd.

Our 12-month target price is ¥5,300. We use FY12/26E-FY12/27E average