Asics: To Spin-off Onitsuka Tiger

Research evidence excerpt

Asics: To Spin-off Onitsuka Tiger

Update

June 10, 2026 09:38 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsics (7936) | Japan Ai Furukawa

Equity Analyst

To Spin-off Onitsuka Tiger Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

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

Key Takeaways

We think the organizational change will further simplify Onitsuka Tiger's business

structure and better enable expression of the brand's characteristics.

At its briefing, Asics stated the change is intended to clarify authority, and ruled

out the possibility of an IPO of the Onitsuka Tiger business. Asics (7936.T, 7936 JT)

Athleisure | Japan

We expect the change to result in faster management decision-making.

Stock Rating Overweight

Industry View Attractive

Summary of today's press release: Asics intends to spin off the Onitsuka Tiger (OT) Price target ¥5,400

Shr price, close (Jun 10, 2026) ¥4,380

business from both the parent and its regional business entities, and reorganize the Mkt cap, curr, basic (bn) ¥3,165.1

structure so that OT Group, a wholly-owned subsidiary, will serve as the global Avg daily trading value (bn) ¥15.6

headquarters for the OT business, with subsidiaries under its umbrella responsible

for functions such as sales and manufacturing. Asics gives the effective date for the

company split as Jan 1, 2027. Intellectual property, technology, and financing will

continue to be managed by the parent company for the whole group. From a group

governance perspective, Asics CEO Hirota is set to be appointed Chairman of the

Board of OT Group.

Our take: We had viewed OT as already operating with a certain degree of

independence within the group, given that its brand direction differs from that of