Earnings forecast update: focus on skincare growth

研报英文原文证据摘录

Earnings forecast update: focus on skincare growth

9 June 2026

Mizuho Securities Equity Research Toiletries and Cosmetics

Price Objective Change

Rohto Pharmaceutical (4527)

Rating: Neutral Price Objective ¥2,500 ¥2,300

Spotlight: See Figure 3 for full-year ACT: Reiterating Neutral rating

earnings by segment While Rohto Pharmaceutical’s domestic skincare business slowed in

FY3/25, it improved in FY3/26. However, competition continues to heat up.

Share price (8 Jun) ¥2,465.5 There may be a dip in the number of new products in FY3/27 as FY3/26Implied upside -7%

was supported by new products (for Obagi and Melano CC) and saw aTSE Segment Prime

surge in demand before price hikes for Hada Labo (in 4Q). The number of

Major indicators (E = Mizuho estimates) new products would then recover in FY3/28, when the company is set toMarket capitalization (¥b) 582.30

Shares outstanding (m) 236.18 release offerings featuring phyto exosomes. In Asia, the company plans to

Potential share dilution (m) 8.87 significantly increase its marketing spend in FY3/27, but consumer spendingDaily turnover (thou, mo. avg.) 916.79

Foreign ownership (%, 9/25) 32.2 may decline due to the situation in the Middle East. Although we expect

DPS(¥, 3/27E) 50.0 growth for skincare and eyecare over the medium to long term, we reiterateDividend Yield(%, 3/27E) 2.0

Payout ratio(%, 3/27E) 34.1 our Neutral rating on the stock as we anticipate a CAGR of 6% for OP over

Equity ratio(%, 3/27E) 63.8 the next three years.BPS(¥, 3/27E) 1,365.6

PBR(x, 3/27E) 1.8 KNOW: Southeast Asia is keyROE(%, 3/27E NP basis) 10.6

ROA(%, 3/27E RP basis) 9.4 Strong growth in Southeast Asia is one factor supporting Rohto

Note: No. of shares includes treasury stock Pharmaceutical’s share price. Over FY3/25–FY3/26, sales recorded double-