山崎面包：2026年12月期第二季度财报电话会议要点：管理层对涨价充满信心

研报英文原文证据摘录

M

Update

August 5, 2026 04:27 AM GMT

Yamazaki Baking (2212) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Tomonobu Tsunoyama

Equity Analyst

Takeaways from F12/26 2Q

Earnings Call: Management

Confident About Price Hikes

Seki Li

Research Associate

Haruka Miyake

Equity Analyst

Jully Ussui

Research Associate

Key Takeaways

Yamazaki held a hybrid results briefing at 10:00am JST today. Results were

announced on July 31.

Bread sales in July, the month when price hikes were implemented, rose 6%,

while sales volume also rose by around 2%. For reference, the company’s 2H

Yamazaki Baking (2212.T, 2212 JT)

sales plan for bread products is for flat YoY growth.

Food | Japan

Management expressed confidence in its product strategy and indicated that it

intends to respond to expected future cost increases through cost pass-alongs.

•July bread sales up 6% YoY: Yamazaki mentioned that bread sales in July grew by

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Equal-weight

In-Line

¥3,600

¥3,260

¥718.1

¥1.9

around 6% YoY. The 2H sales plan for bread products on a non-consolidated basis is

for flat YoY growth. The average price revision from July 1 was about +3.5%, but

management says that as in 1H, product mix improvement continued, and sales

volume expanded by around 2%. President Iijima said he senses strong consumer

demand for “slightly premium” bread products and expressed confidence in the

company’s product strategy.

•Confident on price hikes: President Iijima assumes that the October 2026 wheat

price revision will result in an increase of around 9%. He indicated that the company

intends to address these further cost increases through pricing policy, supported by

current strong demand. Regarding a possible consumption tax cut on food products

in April 2027, he said such a move would not change the company’s shipment prices

and that the company would continue operating with its existing product strategy.

He also indicated that if there are cost increases the company cannot fully absorb, it

will resolutely pass them along into prices.

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