K‘s Holdings (8282)

研报英文原文证据摘录

K‘s Holdings (8282)

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

14 July 2026

K's Holdings (8282) Neutral

8282.T, 8282 JP

We expect profit growth to peak in 1H FY2026 Price (14 Jul 26):¥1,795

▼Price Target (Dec-27):¥1,800

Prior (Dec-26):¥1,920

We raise our FY2026 earnings estimates sharply but expect revenue and profit to

fall in FY2027 given swings in air-conditioner demand. We expect sales and profit Japan Equity Research

growth to slow from 2H FY2026 and believe share-price upside is limited. Retail

• Raising FY2026 earnings estimates sharply: We revise our earnings Dairo Murata AC

estimates to reflect 4Q FY2025 results, sales trends (mainly air-conditioners) (81-3) 6736 8620

dairo.murata@jpmorgan.com

from FY2026 onwards, and the industry environment. We raise our operating

Ami Terai

profit estimate by 34% for FY2026 but only fine tune for FY2027 onwards. We

(81-3) 6736-8660

expect sales and profits to fall in FY2027 on a pullback in air-conditioner ami.terai@jpmorgan.com

demand (we forecast a 23% decline in FY2027 operating profit). Our new Kazuha Matsuo

estimates are much stronger than the Bloomberg consensus forecasts for (81-3) 6736-8614

FY2026 but in line from FY2027. kazuha.matsuo@jpmorgan.com

• Lowering price target: We set our price target at ¥1,800 (previously ¥1,920) JPMorgan Securities Japan Co., Ltd.

and roll out our time horizon to end-2027 (previously end-2026). Our price

target applies a P/E of around 14x (previously around 15x) to our FY2027 Key Changes (FYE Mar)

forecast. The slight adjustment to our target P/E reflects a change in our outlook Prev Cur Δ

for medium-term growth potential. We expect four-year operating profit Adj. EPS - 27E (¥) 118.82 163.26 37.4%

CAGR of 5% from FY2025, but because of the sharp profit growth we forecast