The Point for Japan

研报英文原文证据摘录

The Point for Japan

Point |

Wednesday, 08 July 2026

Company | Industry | FX | Key Rating and Target Price Changes

Company

Canon (7751.T) - Needs to execute restructuring, boost growth strategy

transparency

FY12/26 consensus forecasts are below downwardly revised guidance, which

appears overly pessimistic given boosts such as the weak yen and tariff refunds,

and the dividend yield is c4%. Meanwhile, we believe the medium-term targets

issued in January are not reflected in the share price. We believe the current

frontline management team has a healthy sense of crisis and see the firm’s on-

the-ground execution capabilities as robust, but these are not fully appreciated by

the equity market, in our view. We believe the company needs to provide more

transparent explanations regarding its measures to boost profitability at existing

businesses (including additional measures) and its growth strategies for new

businesses (particularly semiconductor manufacturing equipment).

Masahiro Shibano

Industry

Japan Auto Parts & Equipment - Tire sector US weekly price survey: Bridgestone

and Toyo hike prices

We track US Tire Rack retail prices on a weekly basis. Our sample survey of popular

tires confirms that Bridgestone and Toyo implemented price hikes this week.

Bridgestone hiked prices about 2%-3% on select products, while Toyo hiked prices

about 2%-3% on most products including the popular Open Country AT III. The

latter price hike suggests WLTR sales remain robust at present (positive for Toyo).

Arifumi Yoshida

Japan Machinery - Buyback update: Komatsu setting the pace, Fanuc lagging

Increasing shareholder returns is one of the bullish points for Japanese equities,

and over the past week a number of companies have updated the status of their

buyback programs.