Japan Small & Mid-cap Sector: Park24: June parking business results

研报英文原文证据摘录

Japan Small & Mid-cap Sector: Park24: June parking business results

Global Research

15 July 2026ab

Japan Small & Mid-cap Sector Equities

JapanPark24: June parking business results

Real Estate

Mariko Watanabe

Park 24 (4666, Buy, price target ¥2,900) Analyst

mariko.watanabe@ubs.com

+81-3-5208 6297Times sales rose 8.3% yoy in June, slowing from the 9.6% increase in May, as the

approach of typhoons No. 7 and No. 8 on the fourth weekend of June affected traffic Masae Nakazono

volume and parking lot utilisation. In June alone, the number of new developments was Associate Analyst

6,912 parking spaces, with a cumulative total of 63,393 spaces (+19% yoy), and large- masae.nakazono@ubs.com

+81-3-5208 6257

scale parking-lot openings for Partner Service are continuing. Despite the impact of the

typhoons, the high level of openings meant that Times gross profit in June increased

2.3% yoy, slowing from +8.5% in May. The company’s earnings plan typically

incorporates a certain degree of weather-related impact, including snowfall and

typhoons, and the company explained that Times earnings were generally in line with

plans.

At the end of June, Times Car had 68,516.0 vehicles (+14.0% yoy). The company added

1,121 vehicles in the month of June in preparation for the summer demand period, but

the number of members per Times Car vehicle in June was 58 (+3.4% yoy), exceeding

the previous-year level for the third consecutive month, indicating that utilization

measures are proving effective. The typhoons in June also affected mobility usage, and

mobility earnings appear to have fallen short of the company plan, but this was likely

within market expectations. The number of car sharing members at end-June was

3.98mn (+18.0% yoy), exceeding the pace of vehicle increases, and utilization is