Company retains full-year operating profit guidance despite outperformance in Q2

研报英文原文证据摘录

Company retains full-year operating profit guidance despite outperformance in Q2

Global Markets Research

28 July 2026Shimano

7309.T 7309 JP / EQUITY: JAPAN MACHINERY

Company retains full-year operating profit Rating Neutralguidance despite outperformance in Q2

Target price JPY 17,000Quick Note

Closing price

28 July 2026 JPY 19,085First impression in line: Company maintains full-year operating profit guidance

despite outperformance in Q2 (Note: Quick Note reports are not a

Released after the close of trading on 28 July, Apr–Jun (Q2) 2026 operating profits rose vehicle for changes to ratings, target

41% y-y to ¥16.8bn, exceeding our ¥14.7bn forecast and guidance of ¥13.6bn. Sales prices, or earnings forecasts)

volumes of bicycle components and fishing tackle were higher than we had expected, but

the biggest difference versus our forecast was in forex effects, which were ¥800mn higher

than we had expected. The company revised its full-year guidance at the same time, but

retained its operating profit guidance of ¥47.0bn. The fact that the company retained full-

Research Analystsyear operating profit guidance despite Q2 results beating guidance means that

management effectively lowered H2 operating profit guidance, on which basis our first Japan machinery

impression is neutral overall. Angela Yang - NSC

wenching.yang@nomura.com

H2 sales volume guidance for bicycle components lower than our forecast +81 3 6703 1819

The company raised its full-year sales guidance from ¥467.0bn to ¥491.0bn, having

revised its forex assumptions in the direction of a weaker yen and stronger Asian

currencies. However, it retained its operating profit guidance of ¥47.0bn, below our

forecast of ¥49.0bn. Revised guidance factors in a net dent of ¥1.0bn from cost increases