Workman: Japan Summit 2026　Feedback: Institutional Investors Interested in a Range of Issues

Research evidence excerpt

Workman: Japan Summit 2026 Feedback: Institutional Investors Interested in a Range of Issues

Update

May 21, 2026 02:43 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MWorkman (7564) | Japan Ai Furukawa

Equity Analyst

Japan Summit 2026 Feedback: Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

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

Institutional Investors Interested

in a Range of Issues

Participating institutional investors focused on issues related to a range of topics,

Workman (7564.T, 7564 JT)

from confirming business basics to recent developments in the Middle East and the

Athleisure | Japan

supply chain. Some takeaways based on our understanding are noted below.

Stock Rating Underweight

Recovery Wear MEDIHEAL®: Workman’s F3/27 guidance assumes MEDIHEAL® sales Industry View Attractive

Price target ¥6,000

volume at 21mn units. The cooperative structure with suppliers is favorable, Shr price, close (May 21, 2026) ¥7,280

Mkt cap, curr, basic (bn) ¥594.1

enabling a flexible production system that can be adjusted to demand trends. The

Avg daily trading value (bn) ¥1.9

company expects to secure sufficient stock through F3/27 3Q. While the extent of

the potential impact from a number of factors is still hard to predict, it is possible

that the current situation in the Middle East could affect supplies of spring/summer

merchandise that will start from around F3/27 4Q. The MEDIHEAL® line mainly

consists of “roomwear” at present, but we get a sense of potential in other areas as

well, including the launch of innerwear sales from April.

Reasons for increasing profit share to franchises: Store sales are strong at

present, but there is a shortage of staff to support store operations. To address this,

the profit share for franchises was increased.