Isetan Mitsukoshi Holdings (3099): Raising our estimates and price target; expect customer identification strategy and wealth effect to drive continued outperformance

研报英文原文证据摘录

Isetan Mitsukoshi Holdings (3099): Raising our estimates and price target; expect customer identification strategy and wealth effect to drive continued outperformance

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

10 July 2026

Isetan Mitsukoshi Holdings (3099)

Raising our estimates and price target; expect customer Overweight

identification strategy and wealth effect to drive 3099.T, 3099 JP

continued outperformance Price (10 Jul 26):¥3,841

▲Price Target (Dec-27):¥4,300

Prior (Dec-26):¥3,200

We raise our profit forecasts for the next three years by 2-3%, raise our price target

to ¥4,300, and maintain our Overweight rating. We see a high likelihood of Japan Equity Research

continued outperformance, supported by external tailwinds, the successful Retail

implementation of initiatives, and shareholder returns. AC Dairo Murata

• Raising earnings estimates and price target: Reflecting 4Q FY2025 results, (81-3)dairo.murata@jpmorgan.com6736 8620

guidance, 2Q sales trends, and the overall business environment, we raise our

Ami Terai

earnings estimates. We raise our operating profit and net profit forecasts for

(81-3) 6736-8660

FY2026-28 by around 2-3%. Our forecasts are now at the upper end of current ami.terai@jpmorgan.com

Bloomberg consensus estimates. We estimate four-year CAGR from FY2026 Kazuha Matsuo

to FY2029 of 4.5% for operating profit, ROIC of around 8.5-9.0%, and ROE (81-3) 6736-8614

of 10.2-10.4%, above the company’s FY2027 target of 9.8%. kazuha.matsuo@jpmorgan.com

• We raise our price target from ¥3,200 to ¥4,300 (now through end-2027). Our JPMorgan Securities Japan Co., Ltd.

new price target applies a P/E of 23x (previously 17x) to our FY2027 estimates,

reflecting our medium-term forecasts for operating profit growth and capital Style Exposure

efficiency.