Adj. Jun Sales +10% YoY: Slower Growth, Monthly Sales Disclosure Adds Valuation Noise

Research evidence excerpt

Adj. Jun Sales +10% YoY: Slower Growth, Monthly Sales Disclosure Adds Valuation Noise

Update

July 10, 2026 11:23 AM GMT

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

Equity Analyst

Adj. Jun Sales +10% YoY: Slower Tetsuro.Tsusaka@morganstanleymufg.comLuyuan Yang, CFA +81 3 6836-8412

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

Growth, Monthly Sales Keiji Nishimura

Research Associate

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

Disclosure Adds Valuation Noise

Jun Sales (calendar adjusted) +10% YoY: Growth was constrained by the

normalization of demand for petroleum-based products and a high threshold due to

last year's heatwave-related seasonal products. While monthly growth remains

volatile, June gives the impression of a slowdown. That said, Jan-May sales MonotaRO (3064.T, 3064 JT)

performance was solid, and we do not think significant share price fluctuations Internet & Media | Japan

based solely on monthly sales figures are justified. Stock Rating Overweight

Industry View In-Line

Price target ¥2,500

We think investor attention is disproportionately focused on the company's Shr price, close (Jul 10, 2026) ¥1,972

disclosures of single-month growth rates, creating unnecessary short-term share Mkt cap, curr, basic (bn) ¥962.0

Avg daily trading value (bn) ¥5.3

price volatility and adding noise to assessments of intrinsic corporate value. Given

the company's comprehensive quarterly disclosures, we think quarterly performance

provides sufficient information for investors to evaluate the business and its

fundamentals.

Sales to SMEs (~65% of total sales): Sales grew around +8–9% YoY, but fell short

of the monthly plan as demand in the three key industries among existing customers