Coca-Cola Bottlers Japan Holdings (2579.T): Ebino plant visit: the relentless pursuit of efficiency

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Coca-Cola Bottlers Japan Holdings (2579.T): Ebino plant visit: the relentless pursuit of efficiency

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23 Jun 2026 09:24:36 ET │ 11 pages

Coca-Cola Bottlers Japan Holdings (2579.T)

Ebino plant visit: the relentless pursuit of efficiency

CITI’S TAKE

We had the opportunity to visit CCBJ’s Ebino plant (Miyazaki Prefecture)

Buy on June 22. While the Ebino plant has already implemented labor-saving

Price (23 Jun 26 15:30) ¥4,042.0 measures, it aims for further efficiency improvements to realize the

transformative effects the company champions. We were impressed by Target price ¥4,500.0

how Vision 2030’s core target of business profit of ¥80bn or more by Expected share price return 11.3%

FY12/30 has filtered through to the manufacturing floor, with concrete Expected dividend yield 1.8%

projects actively underway. The firm achieved its FY12/26 business profit Expected total return 13.1%

target of ¥35bn (up ¥10.5bn YoY), and we reaffirmed our view that the Market Cap ¥656,734M

company will likely maintain higher profit growth rates than industry peers

US$4,071M from FY12/27 onward.

Ebino plant overview — The company operates the Kiyama plant (Saga Prefecture),

Tosu plant (Saga Prefecture), Kumamoto plant (Kumamoto Prefecture), and Ebino Hiroki WatanabeAC

plant (Miyazaki Prefecture) in Kyushu. Among these, the Ebino plant is distinctive in +81-3-6776-8296

that it makes a wide variety of products. It produces everything from tea beverages to hiroki.watanabe@citi.com

carbonated drinks and fruit juices, delivering products to consumers primarily in

southern Kyushu.

The relentless pursuit of efficiency — What caught our eye was the labor-saving

manufacturing process. The plant’s manufacturing process thoroughly automates