Century Pacific Food, Inc: Growing coconuts as next emerging category

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Century Pacific Food, Inc: Growing coconuts as next emerging category

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Century Pacific Food, Inc

Growing coconuts as next emerging

category

Maintain Rating: BUY | PO: 44.00 PHP | Price: 31.00 PHP

We hosted a call with Chairman Christopher Po and key executives last week to highlight 30 June 2026

their emerging coconut business and the company asserted that the coconut business is Equity

becoming a growth driver.

Julian Roxas ^^

Research AnalystCoconut as the next growth pillar Philippine Equity Partners

CNPF’s coconut business, both OEM and branded, generated roughly $200mn in sales in +63 2 8640 6780

2025 and accounted for a low-teens share of consolidated revenues. The coconut julian.roxas@pep.com.ph

category was launched in 2012 coinciding with the start of the Vita Coco partnership JojoResearchGonzalesAnalyst^^

and the construction of their first facility in General Santos, Mindanao. Since then, Philippine Equity Partners

jojo.gonzales@pep.com.ph

coconuts have seen an 11-year revenue CAGR of +27% which CNPF sees may continue.

The company guides for +20-30% annual revenue growth and should solidify the

category as a fourth pillar alongside marine, meat and milk. Coconut is a key driver in

delivering the company-wide annual growth target of 10-15% for revenue and profit. Stock Data

Price 31.00 PHPDoubling capacity to service growth, strong gov’t support

After acquiring 2 new facilities in Tangub and Tupi over the past 2 years, CNPF currently Price Objective 44.00 PHP

has 3 facilities that will produce 1,870mt/day of coconuts starting 2027. This will more Date Established 23-Mar-2026

than double coconut capacity which CNPF believes will serve rapid demand over the next Investment Opinion B-1-7

3 years.