Ain Holdings 26/4 results briefing Quick Note

研报英文原文证据摘录

Ain Holdings 26/4 results briefing Quick Note

Global Markets Research

17 June 2026Ain Holdings

9627.T 9627 JP / EQUITY: JAPAN PHARMACEUTICALS

Rating26/4 results briefing Buy

Target price JPY 9,850Quick Note

Closing price

17 June 2026 JPY 5,576Key takeaways from 26/4 results briefing

Ain Holdings held its 26/4 results briefing at 15:00 JST on 17 June. The company said it (Note: Quick Note reports are not a

expected a smaller impact from dispensing fee revisions in 27/4 than last time around, as vehicle for changes to ratings, target

well as full-year contributions and post-merger integration benefits from Sakura Pharmacy, prices, or earnings forecasts)

and that it was looking to expand its operations through the creation of flagship community

pharmacies and by moving ahead with DX for dispensing pharmacy operations. Earnings

at Francfranc have been recovering from their previous low ebb, and we think guidance is

based on cautious assumptions. We will be keeping a close eye on monthly data releases. Research Analysts

27/4 guidance Japan pharmaceuticals &

Impact of dispensing fee revisions: Management expects cuts in areas such as healthcare

dispensing management fees and new community support bonus points, and is assuming Kyoichiro Shigemura - NSC

a roughly ¥1.5bn dent to profits. It plans to offset this with increased sales and an increase kyoichiro.shigemura@nomura.com

in prescriptions filled per pharmacist. We also think that the revisions will have a smaller +81 3 6703 1118

impact than in previous years and can be offset by higher sales. Miho Kawamura - NSC

miho.kawamura@nomura.comDispensing pharmacy openings and M&A: Ain Holdings is planning to open 40 new

+81 3 6703 1189

pharmacies on an organic basis and add another 40 via M&A. It has already added 16 via

M&A.