MatsukiyoCocokara & Co. "Earnings update: OP guidance achievable" (Buy) Kazahaya

研报英文原文证据摘录

MatsukiyoCocokara & Co. "Earnings update: OP guidance achievable" (Buy) Kazahaya

Global Research

25 May 2026ab

MatsukiyoCocokara & Co. Equities

JapanEarnings update: OP guidance achievable

Retailers, Drug-Based

12-month rating Buy

Action: Earnings update based on Q4 results

We are updating our earnings estimates following the Q4 results. We are only adjusting 12m price target ¥2,940.0

our OP estimates and maintain our view that OP will continue to set new record highs, Prior : ¥3,440

including in FY3/27. Due to the changes to our estimates and advancement of the fiscal

Price (25 May 2026) ¥2,209

period, as well as higher interest rates, we are revising the estimated cost of capital and

lowering our price target from ¥3,440 to ¥2,940. We maintain a Buy rating. RIC: 3088.T BBG: 3088 JP

Trading data and key metrics

Investment overview: Core player in drugstore industry restructuring

52-wk range ¥3,386-2,209

The company was established through the October 2021 merger of Matsumotokiyoshi

Market cap. ¥879b/US$5.53b

Holdings and Cocokara Fine. Profit margins improved in both the Matsumotokiyoshi

Shares o/s 398m (ORD)

(MK) and Cocokara Fine (CF) businesses as a result of merger effects, and the company

Free float 84%

has achieved the highest OP margin in the drugstore sector, while ranked third in terms

of sales. The company is characterised by its designation of urban areas in terms of Avg. daily volume ('000) 2,321

location and health and beauty in terms of merchandise as its priorities, and it is Avg. daily value (m) ¥5,587.5

expanding its businesses based on collaboration with manufacturers through the use of Common s/h equity (03/27E) ¥571b

customer data as a strength. In FY3/25, the company acquired AppBrew, which operates P/BV (03/27E) 1.5x