Mitsui-Soko Holdings (9302) Focus on concrete measures to raise ROE in next medium-term plan

研报英文原文证据摘录

Mitsui-Soko Holdings (9302) Focus on concrete measures to raise ROE in next medium-term plan

J P M O R G A N Asia Pacific Equity Research

09 June 2026

Mitsui-Soko Holdings (9302) Neutral

9302.T, 9302 JP

Focus on concrete measures to raise ROE in next Price (08 Jun 26):¥3,892

medium-term plan ▲Price Target (Dec-26):¥3,750 Prior (Dec-26):¥3,700

We raise our price target from ¥3,700 to ¥3,750 to reflect changes to our earnings

estimates and valuation, and maintain our Neutral rating. We think the company is Japan Equity Research

unlikely to achieve its 12% ROE target in FY2026, the final year of the medium- Transportation (Land, Sea, Air), OTC

term plan (we forecast 9.2%), and instead see it as likely to reach 12% over the & Small Companies, Real Estate &

medium term, helped by share buybacks and other measures. Its policy combines REITs

ACa 30% dividend payout ratio with flexible capital management; we are also Ryota Himeno

watching whether the next medium-term plan includes higher shareholder returns. (81-3) 6736-8639

We forecast FY2026 DPS at ¥50 for a dividend payout ratio of 30% (guidance ¥50). ryota.himeno@jpmorgan.com

We see potential upside from stronger-than-expected air cargo and 3PL earnings. JPMorgan Securities Japan Co., Ltd.

3PL could see higher handling volumes stemming from the 2027 air conditioner

problem. Style Exposure

• FY2026 estimates: We raise our FY2026 operating profit estimate from ¥23.0

billion to ¥23.5 billion (+6.3% YoY; medium-term plan and guidance: ¥23.0

billion). Our segment operating profit forecasts are logistics at ¥25.8 billion

(+¥1.3 billion YoY; guidance ¥25.3 billion) and real estate at ¥4.5 billion (+

¥0.8 billion; guidance ¥4.5 billion). In logistics, we expect air cargo and 3PL

to beat guidance.