MatsukiyoCocokara & Co (3088): Nikkei report: 1Q OP c.21bn, slightly below our estimate and consensus

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MatsukiyoCocokara & Co (3088)

Nikkei report: 1Q OP c.21bn, slightly below

our estimate and consensus

Maintain Rating: BUY | PO: 3,000 JPY | Price: 2,535 JPY

03 August 2026

1Q FY3/27 operating profit of approximately ¥21bn

Nikkei reported on August 1 that the company's operating profit for 1Q FY3/27 (AprilJune) was approximately ¥21 billion.

Exceeded company guidance by roughly ¥1 billion

The reported figure is slightly below our estimate (¥22.3 billion) and the consensus

forecast (¥21.6 billion based on seven Bloomberg estimates). However, it is

approximately ¥1 billion above the company's guidance of ¥20.0 billion.

We would like to review the details when the company announces its 1Q results on

August 10. We had expected a strong 1Q performance, given that same-store sales

increased 2.1% in the quarter (simple average), supported by strong sales in categories

such as beauty products. We would like to reassess the progress of the gross profit

margin. It should also be noted that, due to the normalization of the impact from drug

price settlement timing, 1Q profit is expected to increase while 2Q profit is expected to

decline, with the impact neutralizing over the first half of the fiscal year.

EPS

EPS Change (YoY)

Consensus EPS (Visible Alpha)

Dividend / Share

BPS

Valuation

P/E

Dividend Yield*

P/B

EV/ EBITDA*

Free Cash Flow Yield*

Arashi Nishizawa >>

Research Analyst

BofAS Japan

Daisuke Aikawa >>

Research Analyst

BofAS Japan

1Q earnings scheduled for release on August 10

Estimates (¥)

Equity

Stock Data

Price

2,535 JPY

Price Objective

3,000 JPY

Date Established

13-May-2026

Investment Opinion

B-1-7

52-Week Range

2,172-3,393 JPY

Market Value (mn)

1,028,141 JPY

6,457 USD

3/25A

3/26A

3/27E

3/28E

Other GAAP

133.85

6.8%

139.93

4.5%

160.31

6.2%

162.33

65

1,519.2

170.39

6.3%

170.91

76

1,597.2

Market Value ($mn)

BofA Ticker / Exchange

MSMKF / TYO

15.8x

2.6%

1.7x

7.9x

5.8%

14.9x

3.0%

1.6x

7.7x

6.0%

Bloomberg / Reuters

3088 JP / 3088.T

44

1,290.4

50

1,365.8

150.92

7.9%

152.29

56

1,441.6

18.9x

1.7%

2.0x

8.9x

6.1%

18.1x

2.0%

1.9x

8.5x

4.7%

16.8x

2.2%

1.8x

8.2x

5.3%

* For full definitions of iQ method SM measures, see page 6.

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