F8/26 3Q Results: Reviewing Price Strategy with Price Hikes Also an Option

研报英文原文证据摘录

F8/26 3Q Results: Reviewing Price Strategy with Price Hikes Also an Option

Update

July 15, 2026 10:33 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSaizeriya (7581) | Japan Katsumi Arai

Equity Analyst

F8/26 3Q Results: Reviewing Katsumi.Arai@morganstanleymufg.comNatsuko Seto +81 3 6836-8918

Research Associate

Natsuko.Seto@morganstanleymufg.com +81 3 6836-8940

Price Strategy with Price Hikes

Also an Option

Reaction to earnings

Saizeriya (7581.T, 7581 JP)

Strengthens our thesis In-line Largely unchanged Mid Small Cap/Non-Manufacturer | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥5,500

Shr price, close (Jul 15, 2026) ¥5,780

Mkt cap, curr, basic (bn) ¥284.0

Key Takeaways Avg daily trading value (bn) ¥2.4

Saizeriya in its Japan business indicated that it is reviewing price strategy for

F8/27, including potential price hikes.

3Q OP of ¥4.7bn was slightly below consensus, but in line with our forecast and

contained no major surprises.

Apr-Jun same-store sales (YoY) in China were -0.6% in Shanghai and -6.5% in

Beijing, potentially hitting a bottom.

Saizeriya is being forced to close stores in some urban locations due to surging

rents. Taking into account increases in consumer nominal wages and the CPI,

management indicated it is reviewing price strategy from F8/26 with price hikes also

under consideration. The company mentioned regional pricing as one option. Japan

business gross margin in 3Q was 51.5%, the lowest quarterly level in recent years.

While this partly reflected temporary procurement issues, President Matsutani said

that he would like to raise the margin to around 54%. Last year, the possibility of