Kusuri No Aoki Holdings (3549) 4Q FY5/26: FY5/27 guidance above our estimates, indicating confidence in F&D format

研报英文原文证据摘录

Kusuri No Aoki Holdings (3549) 4Q FY5/26: FY5/27 guidance above our estimates, indicating confidence in F&D format

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

02 July 2026

Kusuri No Aoki Holdings (3549) Neutral

3549.T, 3549 JP

4Q FY5/26: FY5/27 guidance above our estimates, Price (02 Jul 26):¥3,690

indicating confidence in F&D format Price Target (Dec-26):¥4,000

Neutral: 4Q operating profit fell 15% YoY to ¥5.7 billion, in line with our ¥5.6 Japan Equity Research

billion estimate as of June 19 but slightly above the Bloomberg consensus estimate

Retail

of ¥5.1 billion as of the same time. Overall, the results were in line with

expectations. Management forecasts FY5/27 sales growth of 12.9% YoY and Dairo Murata AC

operating profit growth of 18.1%, and we think profit guidance is particularly (81-3) 6736 8620

dairo.murata@jpmorgan.com

above market expectations. Our impression is that guidance shows management’s

Ami Terai

confidence in the competitiveness and operational capabilities of the increasingly (81-3) 6736-8660

established F&D format and the earnings contribution of acquired food ami.terai@jpmorgan.com

supermarkets. However, with strong concerns about accelerating inflation, we Kazuha Matsuo

think some investors may see risk of a shortfall of the strong guidance. (81-3) 6736-8614

kazuha.matsuo@jpmorgan.com

• 4Q results summary: Sales grew 11.2% YoY, the gross margin fell 1.0ppt, and JPMorgan Securities Japan Co., Ltd.

expenses rose 12.2%. Our estimates were for sales growth of 11.8% YoY, a

gross margin decline of 1.1ppt, and expense growth of 12.9%. The results were

in line with our estimates. Compared to full-year guidance, sales overshot by

¥6.8 billion, the gross margin by 0.6ppt, expenses by ¥1.2 billion, and operating

profit by ¥4 billion.