Kirin Holdings: F12/26 1Q Results: Steady Start, but Some One-time Factors

研报英文原文证据摘录

Kirin Holdings: F12/26 1Q Results: Steady Start, but Some One-time Factors

Update

May 14, 2026 01:21 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKirin Holdings (2503) | Japan Haruka Miyake

Equity Analyst

F12/26 1Q Results: Steady Start, Haruka.Miyake@morganstanleymufg.comTomonobu Tsunoyama +81 3 6836-5421

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

but Some One-time Factors Jully Ussui

Research Associate

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

Reaction to earnings Seki Li

Unchanged Modest upside Largely unchanged Seki.Li@morganstanleymufg.com +81 3 6836-8934

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

consensus EPS

Kirin Holdings (2503.T, 2503 JT)

Source: Company data, Morgan Stanley Research

Beverages | Japan

Stock Rating Equal-weight

Key Takeaways Industry View Attractive

Price target ¥2,550

A steady start vs. FY plan, but likely neutral for the shares given some one-time Shr price, close (May 14, 2026) ¥2,525

Mkt cap, curr, basic (bn) ¥2,045.2

factors and uncertainty over Middle East effects Avg daily trading value (bn) ¥7.0

1Q BP of ¥50bn jumped YoY (+¥13.7bn) and beat our/market forecasts. Beat vs.

plan was also close to the rise in profit (but timing differences played a part) Exhibit 1 : Comparisons of our forecasts,

Kyowa Kirin furnished a lot (half) of the overshoot vs. plan, but the firm said consensus estimates and actual

other businesses were also tracking in line with or ahead of plan results

2503.T bn yen Sales BP OP NP

Co. plan intact but many possible variables already. Middle East impact unclear 1Q25A Actual 545.9 36.3 31.0 24.3

but Kirin aims to hit EPS target via alternate materials, price hikes, cost cuts 1Q26A ActualMSe 573.0553.2 50.045.9 39.739.9 27.125.7