3Q FY8/26: Solid results but domestic profitability below our expectations

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3Q FY8/26: Solid results but domestic profitability below our expectations

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JINS HOLDINGS (3046)

3Q FY8/26: Solid results but domestic

profitability below our expectations

Reiterate Rating: BUY | PO: 8,600 JPY | Price: 7,740 JPY

Solid progress, but below our estimates and consensus 10 July 2026

Operating profit (OP) for 3Q FY8/26 (Mar-May), announced after the close on July 10, Equity

rose 8.8% YoY to ¥4.06bn. While results were solid, OP undershot our ¥4.7bn estimate

and consensus (Bloomberg consensus of ¥4.3bn, based on seven estimates). The

Key Changescompany left its full-year guidance unchanged.

(¥) Previous Current

Price Obj. 8,990.00 8,600.00Domestic COGS and SG&A rose more than we expected

The consolidated gross profit margin in 3Q was flat YoY, slightly below our assumption. 2026E Rev (m) 113,700.0 112,500.0

SG&A expenses also came in slightly above our expectations, mainly due to personnel 2027E Rev (m) 129,400.0 128,100.0

expenses and depreciation. 2028E Rev (m) 139,500.0 137,900.0

2027E EPS 417.71 402.71

We slightly lower our estimates; reduce PO to ¥8,600 2028E EPS 441.27 424.14

We slightly lower our earnings estimates to reflect 3Q results and June monthly data. We

reduce our price objective (PO) to ¥8,600 from ¥8,990, still based on a P/E of about 20x Arashi Nishizawa >>

Research Analyst

our FY8/28 EPS estimate. Although recent same-store sales were affected by weather, BofAS Japan

we think the shares look undervalued given the company’s rising presence in Japan’s +81 3 6225 6402 arashi.nishizawa@bofa.com

eyewear market and reiterate our Buy rating. We intend to reconfirm strategic costs in

Daisuke Aikawa >>

FY8/27 (a ¥2.4bn negative factor for profits in FY8/26) and the outlook for same-store Research Analyst

sales from FY8/27 onward.