Suntory Beverage & Food: F12/26 1Q Results: Middle East Uncertainty a Drag, But Sales Recovery Progressing

研报英文原文证据摘录

Suntory Beverage & Food: F12/26 1Q Results: Middle East Uncertainty a Drag, But Sales Recovery Progressing

Update

May 13, 2026 02:22 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSuntory Beverage & Food (2587) | Japan Haruka Miyake

Equity Analyst

F12/26 1Q Results: Middle East Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

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

Uncertainty a Drag, But Sales Tomonobu Tsunoyama

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

Recovery Progressing Seki Li

Seki.Li@morganstanleymufg.com +81 3 6836-8934

Reaction to earnings

Suntory Beverage & Food (2587.T, 2587 JP)

Unchanged Modest shortfall Largely unchanged

Beverages | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View Attractive

Price target ¥6,250

Shr price, close (May 13, 2026) ¥4,232

Key Takeaways MktAvg dailycap, curr,tradingbasicvalue(bn)(bn) ¥1,307.7¥3.5

The -4% share price adjustment after the 2pm results announcement looked out

of place, but the risk of impact from the Middle East is likely to continue to

Exhibit 1 : Comparisons of our forecasts,

constrain share price upside. Sales recovery domestically and in Asia gave a

consensus estimates and actual

positive impression.

results

Impact of developments in the Middle East is unclear, but the firm stated that it 2587.T bn yen Sales Existing biz OP OP NP

1Q25A Actual 365.8 28.7 27.3 15.4

aims to meet its full-term earnings targets by responding flexibly to various 1Q26A Actual 406.9 28.6 27.2 14.9

MSe 409.1 32.0 30.1 15.5

scenarios. Company initiatives are diversifying suppliers, revising prices, and VAe 403.9 NA 29.6 NA