We expect high-priced product rental business to move into full swing in Q4

研报英文原文证据摘录

We expect high-priced product rental business to move into full swing in Q4

Global Markets Research

7 July 2026As One

7476.T 7476 JP / EQUITY: JAPAN TRADING COMPANIES

RatingWe expect high-priced product rental business to

Remains Buymove into full swing in Q4

Target price

Increased from 3,400 JPY 3,500Initial benefits from rush demand caused by high naphtha prices

Closing price JPY 2,362.5We reiterate Buy rating 6 July 2026

We forecast solid earnings at As One in 27/3, as we forecast rush demand prompted by

Implied upside +48.1%high naphtha prices in Q1 and expect centralized purchasing systems and online sales

channels to drive earnings from Q2 onwards. Over the longer term, we expect the

company to benefit from increased investment in basic research by the Japanese

government and increased grants for scientific research, and forecast an operating profit

Relative performance chartCAGR of roughly 8% through 32/3. We obtain our target price of ¥3,500 using a three-

stage DCF model and reiterate our Buy rating. The new rental and calibration center in

Osaka is due to open in January 2027. The company has good understanding of demand

patterns among a wide range of end users, and we think it will have a high success rate in

matching supply with demand for high-priced scientific instruments.

Contributions from uptake of centralized purchasing systems

We forecast 27/3 sales in the mainstay scientific instruments (LB) business rising

9.1% y-y to ¥75.72bn thanks to growth in the number of new connections to the OCEAN

centralized purchasing system and an increase in the number of products registered. We

expect sales in the industrial instruments (ID) business to rise 9.4% to ¥26.03bn on

strong online sales of clean room products in view of the construction and expansion of