Jun-Q Preview: Strong Sales to Drive High OP Growth; Maintain OW on Growth and Business Model Advantages: MonotaRO (3064) | Japan

研报英文原文证据摘录

Jun-Q Preview: Strong Sales to Drive High OP Growth; Maintain OW on Growth and Business Model Advantages: MonotaRO (3064) | Japan

Idea

July 31, 2026 01:00 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMonotaRO (3064) | Japan Tetsuro Tsusaka, CFA

Equity Analyst

Jun-Q Preview: Strong Sales to Tetsuro.Tsusaka@morganstanleymufg.comLuyuan Yang, CFA +81 3 6836-8412

Luyuan.Yang@morganstanleymufg.com +81 3 6836-8423

Drive High OP Growth; Maintain Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

OW on Growth and Business

Model Advantages

Earnings preview: We expect Jun-Q sales +20% YoY and OP

MonotaRO (3064.T, 3064 JT)

+25%, with full-year earnings trending above guidance. Strong

Internet & Media | Japan

demand and operating leverage should drive profit growth. Stock Rating Overweight

Progress in expanding the enterprise business and the Jul-Sep Industry View In-Line

Price target ¥2,500

sales outlook are the key focus areas. Up/downside to price target (%) 20

Shr price, close (Jul 30, 2026) ¥2,078

Mkt cap, curr, basic (bn) ¥1,013.5

Focus point 1): Jun Q OP: +25% YoY; OPM: 14.3% (+59bp YoY). Earnings will Div yld (12/26e) (%) 1.9

likely exceed the 1H plan, with full-year guidance also on track to be beaten. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Strong demand should support sales growth, while operating leverage should drive Revenue, net (¥bn) 333.9 386.7 434.1 487.6

margin expansion. Jun-Q sales up a strong +20% YoY (already announced). Some Operating profit (¥bn)* 46.2 54.3 64.7 73.5

Recurring profit (¥bn)* - - - -

demand was pulled forward due to concerns over future supply. Net income (¥bn)* 32.4 37.7 45.3 51.5

EPS, basic (¥)* 65.3 77.3 94.1 108.1

Focus point 2): Progress in initiatives to expand the enterprise business.