Kusuri No Aoki Holdings (3549): Sales on track to achieving fourth medium-term plan, but profit likely to fall slightly short

研报英文原文证据摘录

Kusuri No Aoki Holdings (3549): Sales on track to achieving fourth medium-term plan, but profit likely to fall slightly short

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

19 June 2026

Kusuri No Aoki Holdings (3549) Neutral

3549.T, 3549 JP

Sales on track to achieving fourth medium-term plan, Price (19 Jun 26):¥3,595

but profit likely to fall slightly short ▼Price Target (Dec-26):¥4,000 Prior (Dec-26):¥4,300

We look for FY5/26 earnings to be well above guidance, but think that FY5/27

guidance will be lower than the market’s current earnings outlook. We make minor Japan Equity Research

adjustments to our earnings estimates and price target, and we maintain our Neutral Retail

rating. We are on the lookout for increased profit contributions from the company's AC Dairo Murata

aggressive food supermarket acquisition strategy. (81-3) 6736 8620

dairo.murata@jpmorgan.com

• Raise our earnings estimates and price target: We fine-tune our earnings Ami Terai

estimates and price target based on 3Q FY5/26 results, 4Q sales trends, and the

(81-3) 6736-8660

overall business environment. We reiterate our Neutral rating. The main reason ami.terai@jpmorgan.com

for the revisions is a slight increase in our gross margin forecast, in light of Kazuha Matsuo

recent results and progress. Our updated estimates are in line with to slightly (81-3) 6736-8614

below the current Bloomberg consensus estimates, but with operating profit kazuha.matsuo@jpmorgan.com

slightly above the consensus estimates. We lower our price target from ¥4,300 JPMorgan Securities Japan Co., Ltd.

to ¥4,000.

• Our price target is based on a P/E of 17x and our FY5/28 EPS estimate. The gap Key Changes (FYE May)

between our price target and the current share price is slight, and we still think Prev Cur Δ