J P M O R G A N Asia Pacific Equity Research 19 August 2026 Morinaga Milk Industry (2264) Overweight 2264.T, 2264 JP Price (18 Aug 26):¥1,184 Price Target (Dec-26):¥1,425 Japan Equity Research Food, Beverage, and Tobacco Hideto Takahashi AC (81-3) 6736-8638 hideto.takahashi@jpmorgan.com Satoshi Fujiwara AC (81-3) 6736-8652 satoshi.fujiwara@jpmorgan.com JPMorgan Securities Japan Co., Ltd. Moving to co-coverage As we revise and strengthen our coverage resources, effective August 19, Hideto Takahashi assumes c ...