Recent Investor Feedback and Key Discussion Points

Research evidence excerpt

Recent Investor Feedback and Key Discussion Points

Update

July 15, 2026 04:04 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MBeverages | Japan Haruka Miyake

Equity Analyst

Recent Investor Feedback and Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

Key Discussion Points Tomonobu Tsunoyama

Tomonobu.Tsunoyama@morganstanleymufg.com +81 3 6836-8936

Amid mixed share price performance, we highlight recent Seki Li

investor feedback and key discussion points regarding the ResearchSeki.Li@morganstanleymufg.comAssociate +81 3 6836-8934

beverage industry and individual stocks.

Key Takeaways

At the industry level, investors continue to wait for greater visibility on the

earnings impact of developments in the Middle East, with concerns about cost Beverages

inflation not only this year but also into next year, as well as the potential impact Japan

Industry View Attractive

of inflation on demand.

Concerns also persist regarding how effectively beverage companies can manage

price increases amid still-sluggish domestic consumption.

Asahi: We think the stock is at the beginning of a gradual re-rating, but following

last week's earnings announcement and briefing, many investors appeared to

view such optimism as premature.

Kirin: While investors have given some credit to gains from asset disposals for

increasing confidence in the achievability of full-year guidance, there appears to

be limited scope for expectations to rise further. Many investors also described

Investor Day as neutral.

CCBJH: Many investors seem to believe the stock has already priced in all positive

factors, but there is also a widespread view that there is little reason for the

stock to correct meaningfully near term.