TORIDOLL Holdings: F3/26 Results: Overseas Business Remains a Risk

研报英文原文证据摘录

TORIDOLL Holdings: F3/26 Results: Overseas Business Remains a Risk

Update

May 15, 2026 06:12 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTORIDOLL Holdings (3397) | Japan Katsumi Arai

Equity Analyst

F3/26 Results: Overseas Katsumi.Arai@morganstanleymufg.comNatsuko Seto +81 3 6836-8918

Research Associate

Natsuko.Seto@morganstanleymufg.com +81 3 6836-8940

Business Remains a Risk

TORIDOLL Holdings (3397.T, 3397 JP)

Mid Small Cap/Non-Manufacturer | Japan

Reaction to earnings

Stock Rating Underweight

Unchanged Meaningful shortfall Modest revision lower Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥3,400

consensus EPS Shr price, close (May 14, 2026) ¥3,886

Mkt cap, curr, basic (bn) ¥340.4

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥1.6

Key Takeaways

F3/26 OP of ¥10.6bn fell short of our forecast and consensus. Overseas

impairment losses were the main factor.

F3/27 OP guidance of ¥17bn is also 11% below consensus, likely mainly due to

impairment losses.

F3/26 business profit came to ¥21.5bn (+18% YoY), above our forecast of ¥20.5bn,

mainly due to company-wide adjustments. Meanwhile, OP of ¥10.6bn was below

our forecast of ¥16.7bn, with impairment losses of ¥11.4bn exceeding our

assumption of ¥4bn. The main factor in the impairment losses was consolidated UK

subsidiary Fulham, which has been struggling amid a worsening consumption

environment and rising personnel costs. Business profit guidance for F3/27 is ¥22bn

(+3% YoY), largely in line with our forecast of ¥21.7bn. But OP guidance of ¥17bn is

below our forecast of ¥18.1bn, again mainly due to impairment losses. In addition to

recurring impairment losses, the company also expects some restructuring costs at

Fulham.