Goldwin (8111.T) | Japan Downgrade to EW

Research evidence excerpt

Goldwin (8111.T) | Japan Downgrade to EW

Idea

July 29, 2026 01:28 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MGoldwin (8111) | Japan Ai Furukawa

Equity Analyst

Downgrade to EW Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

What’s Changed Hiroshi.Koba@morganstanleymufg.com +81 3 6836-8942

Goldwin (8111.T) From To

Rating Overweight Equal-weight

Price Target ¥3,100 ¥2,750

Our view of the firm's fundamentals is largely intact, but the

change is that we no longer foresee valuation re-rating in the Goldwin (8111.T, 8111 JT)

Athleisure | Japan

near term, given that it will likely be a while before the visibility

Stock Rating Equal-weight

improves for earnings contributions from the new business Industry View Attractive

Price target ¥2,750

requiring relatively large capex and fixed cost, and the rise in Up/downside to price target (%) 13

Shr price, close (Jul 29, 2026) ¥2,426

food prices could last longer than initially forecast. Mkt cap, curr, basic (bn) ¥345.3

Div yld (03/27e) (%) 2.9

We lower our target multiple to reflect potentially slow recovery in multiples Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

near term; downgrade to EW given 13% upside to our PT: Although overall Revenue, net (¥bn) 137.5 144.0 154.2 165.1

downside risk appears limited, we believe company-specific factors and uncertainty Operating profit (¥bn)* 25.9 25.4 26.9 28.6

Recurring profit (¥bn)* - - - -

over the apparel industry outlook will delay re-rating. The key company-specific Net income (¥bn)* 24.1 25.4 26.5 28.0

issue is that it will take more than a year to determine whether the investment- EPS, basic (¥)* 175.8 185.4 193.0 204.4

Prior EPS, basic (¥)* 173.6 188.3 203.2 -

intensive PLAY EARTH PARK project benefits the existing businesses.