Century Pacific Foods, Inc: Built to defend profitability in a volatile cost environment

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Century Pacific Foods, Inc: Built to defend profitability in a volatile cost environment

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

04 August 2026

Century Pacific Foods, Inc Overweight

CNPF.PS, CNPF PM

Built to defend profitability in a volatile cost environment Price (03 Aug 26):Php31.05

▼Price Target (Jun-27):Php35.50

Prior (Dec-26):Php44.00

• CNPF is our top consumer pick, with a Jun-27 PT of Php35.50. The

company faces sector-wide margin compression and consumer vulnerability Consumer

(Fig 2), but we expect it to outperform peers due to superior demand and pricing Jeanette Yutan AC

resilience. Our forecasts call for flat FY26E NIAT, reflecting rising raw (63-2) 8878-1188

material and below-EBIT line cost pressures. However, CNPF is set to sustain jeanette.g.yutan@jpmorgan.com

double-digit EPS growth, with a 12% FY26E–FY28E CAGR—nearly twice Nadine Bautista, CFA

the pace of its peers’ mid-single-digit growth (Fig 1, 3, 4). For 2Q26, we (63-2) 8554-2478

nadine.bautista@jpmorgan.com

anticipate mixed results: robust double-digit topline growth and sequentially J.P. Morgan Securities Philippines, Inc.

lower year-on-year margin erosion, offset by higher debt costs and normalized

tax rates. Recent pricing actions and an easier OEM base should support

revenue and offer some margin reprieve. We see catalysts in continued Key Changes (FYE Dec)

portfolio diversification, effective hedging, and resilient in-home Prev Cur Δ

consumption positioning CNPF for sustained outperformance. Key events to Adj. EPS - 26E (Php) 2.20 2.00 -8.8%

Adj. EPS - 27E (Php) 2.50 2.21 -11.6%

watch include further margin stabilization, volume trends, and management’s

guidance on cost pass-through. Style Exposure

• 2Q26 results preview. We think 2Q26 results are likely to be mixed with