The Point for Japan

研报英文原文证据摘录

The Point for Japan

Point |

Wednesday, 22 July 2026

Company | Industry | Fixed Income | FX | Key Rating and Target Price Changes

Company

Shiseido (4911.T) - Recent share price gains probably driven by oil price uptrend

and positive China numbers

Shiseido's shares are up c15% over the past fortnight, recovering nearly to pre-Q1

results levels. We attribute this to 1) the company being relatively favored among

consumer goods names due to its low CoGS when crude prices began to climb

again from July, 2) strong cosmetics sales in mainland China and Hainan in June,

and 3) Japan's duty-free sales turning positive YoY from March. The shares

currently trade on a forward PER at industry average levels, suggesting no

overheating. For further gains, we think investors will need to see Q2 results

demonstrate underlying sales growth and continued YoY profit increases toward

achieving core OP targets.

Hiroki Watanabe

Money Forward (3994.T) - Reaffirming longer-term growth potential via AI

partnership, raising TP to ¥6,700

We revise our estimates to reflect FY11/26 Q2 results. We lift our near-term

estimates to incorporate strong fintech earnings and the planned Q3 investment

business divestment (revenue ¥2.1bn, gain ¥1.7bn). Corporate customer base

expansion, ARPA, and ARR exceeded our expectations, which we reflect in our

longer-term forecasts. We expect AI-powered services, which are gradually being

introduced, to contribute to earnings from FY11/27. Following our earnings

revisions, we raise our TP from ¥4,800 to ¥6,700. We anticipate increasing

synergies between cloud services and AI, with the company positioned to benefit.

Keiichi Yoneshima

Mitsubishi Heavy Industries (7011.T) - Looking ahead to FY3/27 Q1 results on

August 4

MHI announces FY3/27 Q1 results at 13:30 on August 4.