Coca-Cola Bottlers Japan Holdings (2579) | Japan F12/26 2Q Results: Lingering Uncertainties in Next Year‘s Outlook

研报英文原文证据摘录

Coca-Cola Bottlers Japan Holdings (2579) | Japan F12/26 2Q Results: Lingering Uncertainties in Next Year‘s Outlook

Update

July 30, 2026 12:24 PM GMT

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

Equity Analyst

F12/26 2Q Results: Lingering Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

Uncertainties in Next Year's Tomonobu Tsunoyama

Tomonobu.Tsunoyama@morganstanleymufg.com +81 3 6836-8936

Outlook Seki Li

Seki.Li@morganstanleymufg.com +81 3 6836-8934

AlphaSignals Earnings Reaction

Unchanged Modest shortfall Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

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

Key Takeaways Beverages | Japan

We think there is a strong possibility that the share price will react negatively. Stock Rating Underweight

Industry View Attractive

2Q BP was below our forecast and the consensus, but in line with guidance, Price target ¥2,800

Shr price, close (Jul 30, 2026) ¥4,491

according to the company (volume overshoot was offset by category/sales Mkt cap, curr, basic (bn) ¥783.2

channel mix impacts). Avg daily trading value (bn) ¥2.9

Full-year plan unchanged. CCBJ explained that cost outlook for Middle East

impacts is unchanged from initial plan at ¥2-4bn, and restated commitment to Exhibit 1 : Comparisons of our forecasts,

full-year target. consensus estimates and actual results

2579.T bn yen Sales BP OP NP

Announces buyback: to take place Nov 1 2026 - Oct 31 2027, up to ¥40bn/14mn 2Q25A Actual 228.2 8.0 -82.1 -59.4

2Q26A Actual 226.7 10.8 9.3 5.7

shares (8.6% of outstanding stock).