Risk Reward Update: Coca-Cola Bottlers Japan Holdings (2579) | Japan

研报英文原文证据摘录

Risk Reward Update: Coca-Cola Bottlers Japan Holdings (2579) | Japan

Update

July 15, 2026 06:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MCoca-Cola Bottlers Japan Holdings (2579) | Japan Haruka Miyake

Equity Analyst

Risk Reward Update Haruka.Miyake@morganstanleymufg.com +81 3 6836-5421

What’s Changed

Coca-Cola Bottlers Japan Holdings (2579.T) From To

Price Target ¥2,750 ¥2,800

Bull Case ¥3,850 ¥4,400

Coca-Cola Bottlers Japan Holdings (2579.T, 2579 JP)

Base Case ¥2,750 ¥2,800

Bear Case ¥1,750 ¥1,700 Beverages | Japan

Updated Components Stock Rating Underweight

EPS Industry View Attractive

Price target ¥2,800

Investment Thesis

Shr price, close (Jul 14, 2026) ¥4,229

Bull Base Bear Scenarios 52-Week Range ¥4,551-2,228

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Risk Reward for Coca-Cola Bottlers Japan Holdings (2579.T) has EPS (¥)** (296.5) 130.4 141.6 155.4

Prior EPS (¥)** - 123.2 148.1 166.1

been updated

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

Reason for change ** = Based on consensus methodology

e = Morgan Stanley Research estimates

We update our forecasts following 1Q results. We revise our F12/26 business profit

forecast upward and now expect to be broadly in line with guidance, reflecting: 1) 1Q

results were slightly above our forecast, 2) additional cost reductions beyond the

initial plan will likely be implemented, and 3) newly incorporating the impact of

lower depreciation expenses resulting from a change in the depreciation period of

manufacturing equipment, which began to appear from 1Q and we now expect it to

continue for the full year. For F12/27, while we expect the company to announce

further proactive cost cut measures, we believe some initiatives may be brought

forward into F12/26.