Trial Holdings: F6/26 3Q Results: 3Q OP Broadly in Line with Sell-side Consensus; Full-year Guidance Raise Somewhat Below Prior Expectations

Research evidence excerpt

Trial Holdings: F6/26 3Q Results: 3Q OP Broadly in Line with Sell-side Consensus; Full-year Guidance Raise Somewhat Below Prior Expectations

Update

May 14, 2026 11:57 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTrial Holdings (141A) | Japan Ai Furukawa

Equity Analyst

F6/26 3Q Results: 3Q OP Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

Hiroshi.Koba@morganstanleymufg.com +81 3 6836-8942

Broadly in Line with Sell-side

Trial Holdings (141A.T, 141A JP)

Specialty Stores | JapanConsensus; Full-year Guidance

Stock Rating Overweight

Industry View In-Line

Price target ¥5,000Raise Somewhat Below Prior Shr price, close (May 14, 2026) ¥4,270

Mkt cap, curr, basic (bn) ¥522.5

Avg daily trading value (bn) ¥4.0Expectations

Reaction to earnings

Unchanged In-line Largely unchanged

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

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

3Q OP was ¥6.3bn (YoY +66%), broadly in line with FactSet consensus of

¥6.0bn.

Upward revision to full-year plan fell short of market expectations (our estimate

was slightly above ¥30bn), but we understand the gap to be smaller than it

appears as some costs have been brought forward in the plan.

Early realization of cost reduction effects, currently lagging versus the company

plan, and improvements in pricing precision will be key.

3Q F6/26 results: According to the company, versus the plan for 3Q F6/26 (3

months), OP for Trial outperformed by ¥0.9bn while Seiyu underperformed by

¥2.9bn. Trial: GPM improved by +1.4pt, with no notable increase in SG&A, broadly in

line with trends through 1H F6/26, though the pace of GPM improvement has

slowed somewhat. The company noted that Trial has been somewhat impacted by