Duskin: F3/26 Results: Guidance Looking Slightly Conservative

研报英文原文证据摘录

Duskin: F3/26 Results: Guidance Looking Slightly Conservative

Update

May 15, 2026 09:33 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MDuskin (4665) | Japan Katsumi Arai

Equity Analyst

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

Research Associate

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

Slightly Conservative

Duskin (4665.T, 4665 JT)

Mid Small Cap/Non-Manufacturer | Japan

Reaction to earnings

Stock Rating Equal-weight

Unchanged Modest upside Modest revision higher Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥4,500

consensus EPS Shr price, close (May 15, 2026) ¥3,975

Mkt cap, curr, basic (bn) ¥187.1

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥0.5

Key Takeaways

F3/26 OP of ¥8.7bn topped our ¥8.0bn estimate as unspent costs in the food

business etc helped.

F3/27 OP plan of ¥9bn is in line with our forecast, but reflects generally high

levels of cost increase and looks somewhat conservative.

Direct selling OP ends at ¥6.8bn (+21% YoY): It appears the fall-off of costs tied to

the launch of the new Mop Cleaner with Case last term amounts to a profit boost of

about ¥600mn. Food business OP plan of ¥9.8bn (-2% YoY) assumes a ¥600-

¥700mn cost increase for the introduction of the new POS system. The firm also

expects firm-wide adjustment costs to rise around ¥700mn YoY, likely on the

assumption that costs will rise in relation to DX investment, HQ renovations and

shareholder benefits. Note that the company guidance unveiled this time does not

reflect the impact of the situation in the Middle East, and costs may rise at plants

amid high crude oil prices (direct selling business) and for packaging materials (food