CASIO COMPUTER (6952) 4Q results: Watches remain solid, but guidance slightly underwhelms

研报英文原文证据摘录

CASIO COMPUTER (6952) 4Q results: Watches remain solid, but guidance slightly underwhelms

J P M O R G A N Asia Pacific Equity Research

14 May 2026

CASIO COMPUTER (6952) Neutral

6952.T, 6952 JP

4Q results: Watches remain solid, but guidance slightly Price (14 May 26):¥1,691

underwhelms Price Target (Dec-26):¥1,300

Neutral: FY2025 operating profit was ¥23.1 billion (Bloomberg consensus Japan Equity Research

estimate: ¥22.5 billion), while FY2026 guidance is ¥26.0 billion (Bloomberg:

Technology - Consumer Electronics/

¥26.7 billion). The guidance appears slightly underwhelming partly because it Industrial Electronics/Precisions

includes upfront costs for new businesses. Given the company’s mixed track AC Junya Ayada

record in new business initiatives, this could be viewed negatively by the market,

(81-3) 6736 8631

although the watch business continues to trend broadly solid. Key focus from here junya.ayada@jpmorgan.com

is the durability of strength in watches. Sales momentum has been improving since Mio Shikanai

FY2025, supported by solid performance at CASIO Watch, but we will watch (81-3) 6736 1313

closely whether this translates into a more meaningful recovery in G-SHOCK, mio.shikanai@jpmorgan.com

which still lacks strong momentum. JPMorgan Securities Japan Co., Ltd.

• Results and full-year guidance: 4Q operating profit rose 63% YoY to ¥4.9

billion. While 4Q is typically a seasonally slow quarter following the year-end

shopping season, watches performed well, driving the strong YoY increase.

Watch operating profit rose 40% YoY to ¥6.0 billion. On a local-currency basis,

watch sales increased 6% YoY (units –3%, ASP +9%). By region, sales rose

11% in Japan, 10% in North America, 1% in Europe, fell 3% in China, and

increased 7% in other regions.