Jun-Q Results: Strong Sales Drive GPM and OPM Improvement, With Profit Growth Far Outpacing Sales

研报英文原文证据摘录

Jun-Q Results: Strong Sales Drive GPM and OPM Improvement, With Profit Growth Far Outpacing Sales

Update

August 4, 2026 09:52 AM GMT

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

Equity Analyst

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

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

Drive GPM and OPM Keiji Nishimura

Research Associate

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

Improvement, With Profit

Growth Far Outpacing Sales

AlphaSignals Earnings Reaction

MonotaRO (3064.T, 3064 JT)

Unchanged In-line Largely unchanged Internet | Japan

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

consensus EPS Stock Rating Overweight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥2,500

Shr price, close (Aug 4, 2026) ¥1,970

Vs. forecasts: Jun-Q OP was broadly in line with consensus. Strong sales, already Mkt cap, curr, basic (bn) ¥960.8

Avg daily trading value (bn) ¥5.3

disclosed, and a higher OPM drove substantial profit growth. OP +27% YoY.

Earnings surprise: Strong sales and margin improvement drove profit growth above

the plan.

Recommended action: Solid results, with monthly sales growth likely to remain

strong in Jul-Sep. The company is one of the few internet names sustaining double-

digit revenue and profit growth. We forecast a share price recovery over the

medium to long term.

Margins: GPM improved as a higher private-brand mix lifted merchandise gross

profit. GPM 30.3% (+50bp YoY). OPM rose on GPM improvement and operating

leverage. OPM 14.5% (+80bp YoY).

Exhibit 1: Summary

F12/26 2Q MSe Actual MSe yoy Actual yoy vs. MSe vs. Mkt

Consol.

Revenue jpy mil 97,391 97,679 20.0% 20.4% 100.3% 99.7%