Ryohin Keikaku "Earnings update: MUJI customer base expanding globally" (Buy)

研报英文原文证据摘录

Ryohin Keikaku "Earnings update: MUJI customer base expanding globally" (Buy)

Global Research

10 June 2026ab

Ryohin Keikaku Equities

JapanEarnings update: MUJI customer base expanding

globally Retailers, Broadline

12-month rating Buy

12m price target ¥4,350.0Summary: Earnings update

Prior : ¥4,300

We provide an earnings update based on the announcement of monthly overseas MUJI

sales for May. We are raising our OP forecasts further, mainly on stronger than expected Price (10 Jun 2026) ¥3,647

overseas sales for MUJI, and we maintain our outlook for OP to continue setting record RIC: 7453.T BBG: 7453 JP

highs. We forecast FY8/28 OP of ¥123.7bn, and we expect it to exceed the company's

¥108bn plan. Based on our revised earnings forecasts and progress of the fiscal year, we Trading data and key metrics

are changing our price target from ¥4,300 to ¥4,350. We reiterate our Buy rating. 52-wk range ¥4,016-2,657

Market cap. ¥1,935b/US$12.1b

Investment overview: Initiatives to improve profitability ramp up Shares o/s 530m (ORD)

The company has been strengthening its organisational structure to support sustained Free float 88%

growth for MUJI under the leadership of Nobuo Domae, the former president who was Avg. daily volume ('000) 4,062

appointed in September 2021. In FY8/22, reforms were still under way and due to delays Avg. daily value (m) ¥14,727.7

in showing results, there was notable deterioration in the profitability of the Japan Common s/h equity (08/26E) ¥379b

business, but a recovery in domestic business profitability came into view in FY8/23 due P/BV (08/26E) 5.1x

to price revisions, inventory optimisation, and the full-fledged roll-out of new products. Net debt to EBITDA (08/26E) NM

OP set a record high in FY8/24, and in FY8/25, record-high OP was achieved with