Updating Estimates for GMOPG, MonotaRo, ZOZO

研报英文原文证据摘录

Updating Estimates for GMOPG, MonotaRo, ZOZO

Japan | Internet EquityMayResearch22, 2026

KEY STOCKS FEATURED INCLUDE:Updating Estimates for GMOPG, MonotaRo,

TICKER RATING PRICE TARGETZOZO

3092 JP HOLD ¥1,200

We are updating our earnings estimates for GMOPG, MonotaRo, and ZOZO. 3769 JP BUY ¥10,400

While we make no rating changes, we raise our PTs for GMOPG and 3064 JP HOLD ¥2,100

MonotaRO and slightly trim ZOZO’s PT. GMOPG delivered strong Q2 results,

while MonotaRO’s Q1 was impacted by both the Middle East situation and

the Askul incident. ZOZO is increasingly trading as a dividend yield name

KEY CHANGES INCLUDE:

within the sector. Overall, we maintain ratings but adjust PTs across all three

stocks. TICKER RATING PRICE TARGET

3092 JP HOLD ¥1,200 (¥1,270)

GMO Payment Gateway (3769 JP, Buy, PT raised from ¥9,420 to ¥10,400) - We raise our 3769 JP BUY ¥10,400 (¥9,420)

PT to ¥10,400 from ¥9,420 (26.5x next FY P/E on EPS of ¥392.6) and maintain our bullish 3064 JP HOLD ¥2,100 (¥1,900)

stance. Our positive view is underpinned by a solid project pipeline, AI exposure that remains

neutral rather than negative, and a return to ~20% organic sales and OP growth from next

FY. We see a high likelihood of meeting FY9/26 guidance, with profit gearing beginning to

Chart 1 - Valuation comparison based on the

contribute. Improving trends in slower segments (e.g., SMB) and strong overseas momentum next 12-month EPS

further support earnings. Structurally, accelerating cashless penetration in Japan (58% based Using EPS from FY12/27, FY9/27,

on the new format vs. 80% long-term target) provides a multi-year tailwind, with GMOPG well FY5/27,FY3/27, FY6/27, FY7/27

positioned to benefit given continued credit card dominance. 45x (PER) 40.6

40x