MonotaRO: Adj. May Sales +28% YoY: High Growth Driven by Stockpiling Demand; Normalization From June (+15%): Special Demand Could Provide an Opportunity for Customer Retention

Research evidence excerpt

MonotaRO: Adj. May Sales +28% YoY: High Growth Driven by Stockpiling Demand; Normalization From June (+15%): Special Demand Could Provide an Opportunity for Customer Retention

Update

June 10, 2026 09:04 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMonotaRO (3064) | Japan Tetsuro Tsusaka, CFA

Equity Analyst

Adj. May Sales +28% YoY: High Tetsuro.Tsusaka@morganstanleymufg.comLuyuan Yang, CFA +81 3 6836-8412

Luyuan.Yang@morganstanleymufg.com +81 3 6836-8423

Growth Driven by Stockpiling Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

Demand; Normalization From

June (+15%): Special Demand

Could Provide an Opportunity

MonotaRO (3064.T, 3064 JT)

Internet & Media | Japan

for Customer Retention Stock Rating Overweight

Industry View In-Line

Price target ¥2,500

May sales (adj. for business days) +28%YoY: Growth remained strong, supported Shr price, close (Jun 10, 2026) ¥1,914

by continued stockpiling demand amid the Middle East situation. We expect growth Mkt cap, curr, basic (bn) ¥950.2

Avg daily trading value (bn) ¥5.3

to normalize from June to around +15%. We believe this could provide an

opportunity to improve retention across a broad customer base, including new

customer acquisition and demand reactivation among existing users.

Sales to SMEs (~65% of total sales) +28-29% YoY: Strong growth in all three major

industries (existing customers), significantly exceeding plan. Manufacturing: Positive

growth. Construction: Positive growth. Autos-related: Positive growth. Broad-based

stockpiling demand across various products boosted growth.

Sales to large enterprises (~35% of the total) +28-29% YoY: Stockpiling demand

also boosted growth in sales to large enterprises, exceeding plan.

Share price implications: Valuations low.