Coca-Cola Bottlers Japan Holdings (2579): 2Q results: Business profit in line with market expectations, but EBITDA down; risk that high share price might correct

研报英文原文证据摘录

Coca-Cola Bottlers Japan Holdings (2579): 2Q results: Business profit in line with market expectations, but EBITDA down; risk that high share price might correct

J P M O R G A N Asia Pacific Equity Research

31 July 2026

Coca-Cola Bottlers Japan

Holdings (2579)

2Q results: Business profit in line with market Overweight

expectations, but EBITDA down; risk that high share 2579.T, 2579 JP

price might correct Price (30 Jul 26):¥4,491

Price Target (Dec-26):¥4,800

Somewhat negative: 2Q FY2026 business profit was ¥10.8 billion, up 35% YoY Japan Equity Research

(+¥2.8 billion) and in line with stock market expectations (around ¥11.0 billion)

Food, Beverage, and Tobacco

based on unseasonable weather in June, but EBITDA was just ¥18.2 billion, down

6% YoY, giving us a weak impression. The company announced a share buyback Satoshi Fujiwara AC

of up to ¥40 billion (our estimate: ¥35 billion) beginning in November, and we view (81-3) 6736-8652

satoshi.fujiwara@jpmorgan.com

this positively as an indication of confidence about achieving the FY2027 business

Hideto Takahashi

profit target (¥45 billion-¥50 billion, up ¥10 billion-¥15 billion versus FY2026 (81-3) 6736-8638

guidance). However, the share price is near its YTD high, so we expect correction hideto.takahashi@jpmorgan.com

pressure in the near term. JPMorgan Securities Japan Co., Ltd.

• 2Q results: Business profit was below our estimate of ¥13 billion, but this was

mainly due to a slight decline in sales volume stemming from unseasonable

weather in June and unsurprising. Depreciation costs declined ¥3.8 billion YoY

thanks to the impairment of vending machines recognized in FY2025 and the

lifespan extension of production equipment implemented in 1Q, and this

contributed to growth in business profit, but EBITDA declined.