Saizeriya (7581): Raising forecasts from FY8/27 on domestic price hikes, improving China same-store sales trends

研报英文原文证据摘录

Saizeriya (7581): Raising forecasts from FY8/27 on domestic price hikes, improving China same-store sales trends

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Saizeriya (7581) Overweight

7581.T, 7581 JP

Raising forecasts from FY8/27 on domestic price Price (27 Jul 26):¥7,660

hikes, improving China same-store sales trends ▲Price Target (Dec-27):¥8,700 Prior (Dec-26):¥7,300

We revise our earnings estimates based on recent trends and raise our price target

from ¥7,300 to ¥8,700 (while changing the timeframe from end-2026 to end- Japan Equity Research

2027). Much about the company’s price revisions remains uncertain, but we see Retail

further upside for valuations if price increases are confirmed and visibility on AC Ami Terai

substantial growth in FY8/27 profits improves (we estimate operating profit of (81-3) 6736-8660

¥22.5 billion, +31% YoY). We also estimate above-consensus earnings in FY8/28 ami.terai@jpmorgan.com

as the impact of domestic raw material shortages recedes, the price revisions Dairo Murata

contribute in full, and the earnings recovery in China continues (our FY8/28 (81-3) 6736 8620

operating profit forecast exceeds the Bloomberg consensus by 11%). We reiterate dairo.murata@jpmorgan.com

our Overweight rating. Kazuha Matsuo

(81-3) 6736-8614

• We expect FY8/26 operating profit to miss guidance; raising forecasts kazuha.matsuo@jpmorgan.com

from FY8/27: We revise our operating profit estimates from ¥18.5 billion to JPMorgan Securities Japan Co., Ltd.

¥17.2 billion for FY8/26 (+11% YoY; guidance: ¥18.2 billion, Bloomberg

consensus estimate: ¥18.5 billion), from ¥21.4 billion to ¥22.5 billion for

Key Changes (FYE Aug)

FY8/27 (+31% YoY; Bloomberg consensus estimate: ¥21.9 billion), and from

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