F12/26 2Q Results: Ahead of Plan; Prospects of Earnings Recovery as Inventories Correct

研报英文原文证据摘录

F12/26 2Q Results: Ahead of Plan; Prospects of Earnings Recovery as Inventories Correct

Update

July 28, 2026 11:11 AM GMT

Morgan Stanley Asia Limited+MShimano (7309) | Japan Lisa Jiang

Equity Analyst

F12/26 2Q Results: Ahead of Lisa.Jiang1@morganstanley.comMorgan Stanley MUFG Securities Co., Ltd.+ +852 2239-1282

Takeshi Kitaura

Equity AnalystPlan; Prospects of Earnings Takeshi.Kitaura@morganstanleymufg.com +81 3 6836-5427

Takumi Okano

Research AssociateRecovery as Inventories Correct

Takumi.Okano@morganstanleymufg.com +81 3 6836-8411

AlphaSignals Earnings Reaction

Unchanged Modest upside Modest revision higher

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

consensus EPS

Source: Company data, Morgan Stanley Research

Shimano (7309.T, 7309 JT)

General Machinery | Japan

Key Takeaways Stock Rating Equal-weight

Industry View In-Line

2Q results beat expectations with both bicycle parts and fishing gear stronger Price target ¥17,000

than envisaged. Shr price, close (Jul 28, 2026) ¥19,085

Mkt cap, curr, basic (bn) ¥1,650.2

Compared with 3 months previously, steady progress in correcting inventory Avg daily trading value (bn) ¥6.1

centered on Europe and China yielded more or less normal levels in Europe and a

return to appropriate levels in China too with the exception of road bikes.

Guidance looks to a steep profit fall in 2H, but has a strong tendency to be

conservative, even allowing for negative FX effects and some growth in costs.

2Q results: 2Q OP +41% YoY at ¥16.8bn beat our forecast (¥14.0bn) as well as

consensus and the co. plan (¥13.6bn). Both bicycle parts and fishing gear overshot

plan, with the main contributing factors including volume effects in bicycle parts and

delayed costs in fishing gear.