Earnings update: enterprise business is becoming increasingly important

研报英文原文证据摘录

Earnings update: enterprise business is becoming increasingly important

Global Research

10 July 2026ab

MonotaRO Equities

JapanEarnings update: enterprise business is

becoming increasingly important Retailers, Specialty

12-month rating Neutral

12m price target ¥1,980.0Earnings update ahead of Q2 results

Prior : ¥2,010

We are updating our earnings estimates ahead of Q2 results. We maintain our outlook

for OP to reach a new record high. Reflecting the advancement of the fiscal period and Price (10 Jul 2026) ¥1,972

higher shareholder equity cost alongside rising interest rates, we are adjusting our price RIC: 3064.T BBG: 3064 JP

target from ¥2,010 to ¥1,980. We maintain a Neutral rating.

Trading data and key metrics

Investment overview 52-wk range ¥2,880-1,705

With the online shift in MRO purchasing, the company has competitive advantages in Market cap. ¥980b/US$6.06b

terms of number of products and customer base. Large corporations, in addition to Shares o/s 497m (ORD)

SMEs, are driving sales growth. We expect the sales weighting (parent basis) of materials Free float 50%

sold indirectly through enterprise business systems integrated with large corporate Avg. daily volume ('000) 3,060

customers' purchasing management systems to rise from about 35% in FY12/24 to Avg. daily value (m) ¥5,675.6

around 40% in FY12/29. However, as the business expands, sales growth is likely to Common s/h equity (12/26E) ¥131b

stabilise gradually. We accordingly focus on the company’s strengthening of customer P/BV (12/26E) 7.4x

engagement to increase sales per customer and diversification of monetisation Net debt to EBITDA (12/26E) NM

opportunities using the customer base.

EPS (reported, basic) (¥)

From To % ch Cons.

Earnings forecast: we expect OP of ¥51.7bn in FY12/26 , ¥56.6bn in FY12/27