Key Takeaways from Autumn 2026 New Product Briefing

Research evidence excerpt

Key Takeaways from Autumn 2026 New Product Briefing

Update

July 9, 2026 06:02 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MLion (4912) | Japan Haruka Miyake

Equity Analyst

Key Takeaways from Autumn Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

2026 New Product Briefing

Key Takeaways

Our overall impression is neutral. The new product lineup strongly reflects Lion's

strategy of driving ASP growth and gross margin improvement via value-added Lion (4912.T, 4912 JP)

products that address consumer needs. Oral healthcare is the key focus area. Cosmetics & Personal Care Products | Japan

Stock Rating Equal-weight

Whether these products can generate sales in line with the company's

Industry View In-Line

expectations will depend in part on competitive dynamics in certain categories, so Price target ¥1,750

Shr price, close (Jul 9, 2026) ¥1,714

we believe the focus should now shift to assessing the feasibility of accelerating Mkt cap, curr, basic (bn) ¥474.2

revenue growth in practice. Avg daily trading value (bn) ¥1.9

While these new products should contribute to higher gross margins, they will

also require promotional investment during the initial launch phase, hence their

profit contribution potential is likely to be greater over the medium term.

Procurement risks associated with the Middle East situation have receded, and

Lion expects to be able to launch a sufficient number of new products next year

as well. Management indicated that, as early as this spring, the new business unit

structure enabled faster decision-making regarding 3Q new product launches.

The company also explained that October price increases for certain existing