Asics: F12/26 1Q Results: OP +37% YoY; Good Progress Toward FY Plan Continued in April　

研报英文原文证据摘录

Asics: F12/26 1Q Results: OP +37% YoY; Good Progress Toward FY Plan Continued in April

Update

May 13, 2026 11:56 AM GMT

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

Equity Analyst

F12/26 1Q Results: OP +37% Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

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

YoY; Good Progress Toward FY

Asics (7936.T, 7936 JT)

Athleisure | JapanPlan Continued in April

Stock Rating Overweight

Industry View Attractive

Price target ¥5,400

Reaction to earnings Shr price, close (May 13, 2026) ¥4,600

Mkt cap, curr, basic (bn) ¥3,324.0

Unchanged Meaningful upside Modest revision higher Avg daily trading value (bn) ¥16.1

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

After results at 1pm on May 13 the shares underperformed TOPIX by 7% at the

close in a slightly surprising reaction.

F12/26 1Q earnings (OP basis) beat the FactSet consensus/our forecast by 11%,

and we estimate the pre-release high-end consensus by ~10-15%.

That sales maintained brisk momentum in Apr too should support high

expectations.

F12/26 1Q results summary: F12/26 1Q OP came in at ¥60.8bn (+37% YoY). Sales

beat plan by ¥19bn and OP was ¥10bn over. Though near-term earnings are also

being boosted by delays in some cost bookings and one-time reduction in costs, the

overall picture is of a quarter in which momentum remained strong. Sales on a

constant-currency basis were up by 21%. 1.3ppt narrowing of the GPM was mainly

caused by US mutual tariffs (US$18mn) and higher wholesale exposure, but in the

US the firm aims to adjust prices for the fall/winter 2026 season, and we think

effects should gradually start subsiding.