Risk Reward Update

研报英文原文证据摘录

Risk Reward Update

UpdateM

RiskRisk RewardReward– IDOM -(7599.T)IDOM (7599.T)

Steady progress in building out model incorporating large full-service stores

PRICE TARGET ¥2,000 OVERWEIGHT THESIS

Our price target of ¥2,000 is based on our F2/27 EPS forecast of ¥141.4 and a target P/E of We believe the company has entered a new

14x, the average since listing (adjusted for one-off factors). phase of strong, stable growth, having

established a business model incorporating

¥1,888 large full-service stores. IDOM’s low P/E vs.

Consensus Price Target Distribution ¥1,700.00 ¥2,100.00 peer Nextage reflects its high earnings

MS PT volatility before 2018 when it switched to

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates opening full-service stores, so has not been

favored especially by long-only investors.

We see major scope to value the firm's

RISK REWARD CHART move to establish a full-service store

business model.

JPY

Consensus Rating Distribution

¥3,000¥3,000(+135.85%)¥3,000(+135.85%)(+135.85%)

3200 100%Overweight

0% Equal-weight

0% Underweight

2400 MS Rating

¥2,000¥2,000(+57.23%)¥2,000(+57.23%)(+57.23%) Source: Refinitiv, Morgan Stanley Research

¥1,272¥1,272¥1,272 Risk Reward Themes

800 Self-help: Positive

¥1,000¥1,000(-21.38%)¥1,000(-21.38%)(-21.38%)

View descriptions of Risk Rewards Themes here

JUL '25 JAN '26 JUL '26 JUL '27

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research

BULL CASE ¥3,000 BASE CASE ¥2,000 BEAR CASE ¥1,000

P/E 21x P/E 14x P/E 7x

Coupled with progress in building a large, The firm establishes a large full-service Despite progress with establishing a large

full-service dealership model and dealership model and generates stable full-service dealership model, profits fail to