Coca-Cola Bottlers Japan "Maintain Buy: Further strengthening of..."

研报英文原文证据摘录

Coca-Cola Bottlers Japan "Maintain Buy: Further strengthening of..."

Global Research

30 June 2026ab

Coca-Cola Bottlers Japan Equities

JapanMaintain Buy: Further strengthening of

shareholder returns likely to be the next catalyst Soft Drinks

12-month rating Buy

12m price target ¥4,800.0Recovery from Middle East situation appears priced in, but upside likely from

higher shareholder returns Prior : ¥3,800

Reflecting the recent improvement in the Middle East situation and an upward revision Price (30 Jun 2026) ¥4,292

to our share buyback estimate, we are raising our EPS forecasts for FY12/26-28 by 0-4% RIC: 2579.T BBG: 2579 JP

and maintaining our Buy rating. The share price has already recovered to the level seen in

February 2026. Many investors are asking whether there is further upside, as they Trading data and key metrics

believe an earnings recovery from the Middle East situation has been priced in. In 52-wk range ¥4,409-2,228

response, we believe that, while a return to medium-term profit growth has been priced Market cap. ¥704b/US$4.34b

in to some extent, the share price does not reflect the possibility of share buybacks Shares o/s 164m (ORD)

exceeding the medium-term plan budget. The catalyst is likely to be H1 results. We Free float 68%

expect a re-evaluation of the shares as management reiterates its confidence towards Avg. daily volume ('000) 950

FY12/27 and announces share buybacks exceeding the medium-term plan budget. Avg. daily value (m) ¥3,414.2

Common s/h equity (12/26E) ¥362b

Why do we expect the company to increase share buybacks? P/BV (12/26E) 1.9x

As in FY12/25, we believe the company is likely to announce share buybacks for FY12/27 Net debt to EBITDA (12/26E) 0.8x

at H1 results in FY12/26. Among investors, the consensus is that CCBJ will announce