The Global Point

研报英文原文证据摘录

The Global Point

Depth - Focus on organizational reforms, US growth

potential

We update our forecasts in light of Q4 results and the demand environment. We

shift our base year to FY3/28 from FY3/27 and raise our target price from ¥3,300

to ¥5,000, applying a PER multiple of 25x (up from 21x to reflect market multiple

changes and an increase in our earnings outlook). We maintain our Buy rating. We

summarize key points in the investment discussion, focusing on organizational

reforms and expectations following the new president's appointment, as well as

growth potential in the US centered on Fictiv, acquired in 2025.

Takahiro Inoue

Misumi Group: Events and the share price

(Yen) 2022/1 Higher interest rates in the US 2023/12/22sales, demandNovemberconcern easedmonthly 6,000 Headwinds for growth stocks

2024/10/25 2021/10/28 Q2 Result 2023/7/28 Q1 Result 2026/1/29 Guidance revised up, Company guidance regised up again OP lower than expected Automated stages but the market concened Company guidance revised down Capacity expansion about China deta center 5,000 announced 2026/4/30 2023/6/23 May sales related project to dissapear 2021/7/29 Strong Q1 OP 2022/1/28 Dec sales 2020/5/6 Q4 Result and March sales Share buyback China's demand outlook worsens Company guidance revised up Supply chain issues become Limited impacts from COVID-19 announced

apparent 2021/1 Q3 Result 2023/5/19 April sales 2025/7/25 2025/4/26 Cost reduction exceeded Weaker than expected 4,000 Share buyback Strong guidance 2020/3 expectations 2025/4/2 Further slowdown of sales 2019/6 China further announced Share buyback COVID-19 shock Trump US tariffs increased tariffs on the US

shocked the market

3,000

2021/5/6 Q4 Result

Company guidance exceeded the market expectation

2,000 2020/9/18 Q2 result