Kagome: Q2 FY12/26 results: Weak volume recovery following price hikes

研报英文原文证据摘录

Kagome: Q2 FY12/26 results: Weak volume recovery following price hikes

Global Research

30 July 2026ab

Kagome Equities

JapanQ2 FY12/26 results: Weak volume recovery

following price hikes Food Products

12-month rating Neutral

12m price target ¥2,700.0Q: How did the results compare with expectations?

A: The Q2 FY12/26 results, announced after the 30 July market close, fell short of

expectations. Business profit was ¥5bn (-14% yoy), below our estimate of ¥5.7bn. Price (30 Jul 2026) ¥2,833

Domestic beverages fell short significantly, with sales of vegetable drinks, prices of RIC: 2811.T BBG: 2811 JP

which were raised in February, still recovering sluggishly. Also, the overseas tomato

secondary processing business, which had returned to profitability in Q1 thanks to Trading data and key metrics

volume growth, reverted to losses. Large seasonal orders boosted the top line in Q1 but 52-wk range ¥2,990-2,511

did not continue to contribute in Q2. Market cap. ¥256b/US$1.57b

Shares o/s 90.4m (ORD)

Q: Has the company outlook/guidance changed? Free float 87%

A: Management lowered its FY12/26 business profit guidance from ¥23bn to ¥19bn (- Avg. daily volume ('000) 337

15% yoy), below our estimate of ¥22.6bn. We think this downward revision, in the first Avg. daily value (m) ¥878.4

year of the medium-term plan period under the new management team, raises Common s/h equity (12/26E) ¥198b

concerns. The newly incorporated net negative profit impact from Middle East tensions P/BV (12/26E) 1.3x

is ¥800mn, but most of the downward revision stems from weakness in core operations. Net debt to EBITDA (12/26E) 1.5x

Management expects profit declines in both the domestic beverage and international

businesses in H2. It remains unclear how the company plans to recover in FY12/27.