J.P. Morgan Japan FTM 6 Jul 26 Askul results; MinebeaMitsumi meeting; Nippon Yusen briefing; SoftBank update; Shizuoka Financial Group update; Nifco update and More

Research evidence excerpt

J.P. Morgan Japan FTM 6 Jul 26 Askul results; MinebeaMitsumi meeting; Nippon Yusen briefing; SoftBank update; Shizuoka Financial Group update; Nifco update and More

Asia Pacific Equity Research

Japan First to Market 06 July 2026

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ASKUL (2678) (Ami Terai) (2678 JP, UW)

4Q results: FY2026 operating profit guidance broadly as expected

Neutral: FY2026 operating profit guidance for ¥7 billion is within our estimated range of ¥5-10 billion and unsurprising. Askul

plans to restore sales in FY2026 by using AI and data to encourage customers to shop around, and we will watch the results of

this initiative from 2H. As a supply/demand event, we will likely need to focus on constituent changes ahead of the shift to the

next TOPIX index in October.

MinebeaMitsumi (6479) (Akinori Kanemoto) (6479 JP, OW)

Key takeaways from sell-side meeting with Chairman Yoshihisa Kainuma and President Katsuhiko

Yoshida

We had the opportunity to participate in a small sell-side meeting with Chairman Yoshihisa Kainuma and President Katsuhiko

Yoshida at 14:00 on July 2. This report summarizes the key points from the meeting. MinebeaMitsumi is focused on expanding

the five growth areas plus one priority application, and sees strong potential for earnings growth centered on AI servers and

humanoid robots. The company expects stable, but not rapid, earnings growth.

Nippon Yusen (9101) (Ryota Himeno) (9101 JP, N)

Logistics business briefing takeaways: Good progress in PMI

No new numerical targets for Walden emerged, but faster PMI progress for this operation than in Walden’s plan is reassuring.

We understand that profit targets themselves are for Yusen Logistics as a whole, but we think the company may need to go a

step further for these to be convincing. The main points are summarized below.