Earnings brisk despite falling GPM owing to change in channel mix

研报英文原文证据摘录

Earnings brisk despite falling GPM owing to change in channel mix

to a Global Integrated

Absolute and TOPIX-relative share price Enterprise by strengthening its business foundations so as to enable it to grow

globally, enhance its brand experience value, and execute with operational

excellence by FY12/26. We highlight the potential for earnings growth in the

D2C channel and reform of SCM along with the creation of a global running

ecosystem and greater market presence through efforts to globally integrate

geographically dispersed decision-making processes and pursue a dynamic

business approach that can quickly adapt to external changes.

WATCH: MTP and shareholder returns policy

Focus points include the next medium-term plan, due to be announced on 17

November 2026, and the potential for a revamp of the shareholder returnsSenior Analyst Toshio Takahashi

+81 3 6202 8325 toshio.takahashi@mizuho-sc.com policy, which targets a total payout ratio of 50%.

Senior Analyst Hideya Asaeda+81 3 6202 8598 hideya.asaeda@mizuho-sc.com MEASURE: Raising our price objective to ¥6,000

To reflect our forecast revisions, we raise our price objective to ¥6,000,

Click here for ESG on derived from a target PER of about 30x on our FY12/27 EPS forecast. As

our entire coverage before, our target multiple references the stock’s average PER (about 30x)

for 2014–2016. We believe Asics has entered a growth phase thanks to its

global brand revival.

Consolidated results and forecasts Share Price: ¥4,506 (15 May) 52wks: H ¥5,149 L ¥3,144

Term Sales YoY OP YoY RP YoY NP YoY EPS PER EV/EBITDA

(¥m ) (%) (¥m ) (%) (¥m ) (%) (¥m ) (%) (¥) (x) (x)

FY12/24 678,526 18.9 100,111 84.7 92,601 82.8 63,806 80.9 88.3 – –

FY12/25 810,916 19.5 142,519 42.4 139,295 50.4 98,719 54.7 138.1 – –