Earnings update: Reconfirming strong trends in FY3/27

研报英文原文证据摘录

Earnings update: Reconfirming strong trends in FY3/27

Global Research

1 July 2026ab

K's Holdings Equities

JapanEarnings update: Reconfirming strong trends in

FY3/27 Retailers, Specialty

12-month rating Neutral

12m price target ¥1,840.0Action: Earnings update ahead of Q1 results

Prior : ¥1,900

We provide an earnings update ahead of Q1 results. We are revising our OP forecasts,

mainly for FY3/27. We forecast stronger FY3/27 OP than the company plan. Reflecting Price (01 Jul 2026) ¥1,850

the revisions to our earnings forecasts, progress of the fiscal year and an increase in the RIC: 8282.T BBG: 8282 JP

cost of equity due to higher interest rates, we are changing our price target from ¥1,900

to ¥1,840. Our rating is Neutral. Trading data and key metrics

52-wk range ¥2,139-1,461

Investment overview Market cap. ¥286b/US$1.76b

K’s Holdings is a major consumer electronics retailer. From a medium- to long-term Shares o/s 155m (ORD)

perspective, the domestic home appliances market has been stable, supported by Free float 79%

replacement demand. In addition, major companies are dominating the market, and, Avg. daily volume ('000) 817

reflecting the government's 2016 revision of Guidelines Concerning Distribution Avg. daily value (m) ¥1,584

Systems and Business Practices Under the Antimonopoly Act, price competition is no Common s/h equity (03/27E) ¥259b

longer excessive. The company is generating earnings steadily by focusing on consumer P/BV (03/27E) 1.1x

electronics and appliances sales, on low-cost operations, and increased sales of high Net debt to EBITDA (03/27E) 0.6x

value-added products leveraging its customer service strengths. However, with the

successful expansion of business, earnings have become more volatile depending on EPS (reported, basic) (¥)

From To % ch Cons.