Asics Corp. (7936)

Equity Research 14 August 2026 | 8:53PM JST

Asics Corp. (7936.T) Earnings Review: Beats expectations, reflecting strong brand reputation and management discipline; raise GSe/TP, maintain Buy

7936.T 12m Price Target: ¥6,000 Price: ¥5,227 Upside: 14.8% BUY Sho Kawano Results summary: 2Q12/26 operating profits of ¥59.7 bn (+63% | Goldman Sachs Japan Co., Ltd. yoy), announced at 1:00 pm JST on August 14, substantially beat Tomoko Imoto company plan (which we estimate was ¥37.7 bn) and our forecast | Goldman Sachs Japan Co., Ltd. (¥47.2 bn). Cumulative 1H operating profits beat guidance by ¥32.0 bn (including a tariff refund of ¥4.5 bn). Reflecting ongoing solid Xiao Zhang | Goldman Sachs Japan Co., Ltd. performance in SportStyle (SPS) and Onitsuka Tiger (OT), as well as updated forex assumptions (e.g., USD/JPY from 150 to 160), full-year guidance was revised up to sales of ¥1,050 bn (+30% yoy) Key Data _____________________________________ Market cap: ¥3.8tr / $23.7bn from ¥950.0 bn (of the ¥100.0 bn increase, c.¥50 bn is forex impact) Enterprise value: ¥3.6tr / $22.9bn 3m ADTV: ¥17.9bn / $111.3mn and operating profits of ¥195.0 bn (+37% yoy) from ¥171.0 bn (of Japan the ¥24.0 bn increase, ¥8.9 bn is forex impact). We take a positive Japan Retail/Restaurants M&A Rank: 3 view, as the new operating profit target is above our previous Leases incl. in net debt & EV?: Yes

estimate (¥185.0 bn) and the consensus estimate. Asics also GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E announced a dividend increase, raising FY12/26 DPS to ¥44 from Revenue (¥ bn) 810.9 1,050.0 1,146.0 1,229.0 ¥38, and the share price closed up 11% on the day (vs. TOPIX +1%). Op. profit (¥ bn) New Op. profit (¥ bn) Old Op. profit CoE (¥ bn) 140.0 195.0 -- -- Beats our expectations across the board on enhanced brand EPS (¥) New reputation, with especially strong growth for SPS in US/Europe: EPS (¥) Old P/E (X) Q sales finished at ¥264.2 bn (+36% yoy, +23% yoy on a local P/B (X)

currency [LC] basis), beating our expectations across all categories CROCI (%)

and regions, but the SPS category in the US/Europe stood out in 3/26 6/26 9/26E 12/26E

particular. 2Q SPS sales accelerated further from 1Q (+56% yoy on EPS (¥)

an LC basis) to ¥63.6 bn (+98% yoy, +75% yoy on an LC basis), with GS Factor Profile ______________________________ Growth the category’s sales weighting rising to 24%. Growth was driven by strength in Europe (¥30.5 bn, +90% yoy on an LC basis) and North Financial Returns

America (¥14.7 bn, +76% yoy on an LC basis) markets. In addition to Multiple

the strong performance of key products such as GEL-1130 (1H sales Integrated up 2.2x yoy to over ¥30.0 bn), GEL-NYC (1H sales up 2.4x yoy to ¥25.0 bn), and GEL-KAYANO 14 (1H sales flat yoy at ¥10.0 bn), Percentile 20th 40th 60th 80th 100th

results also confirmed a smooth launch for the new GEL-NYC 2.0 7936.T relative to Japan Coverage series and others (1H sales of ¥4.0 bn). While this business entails 7936.T relative to Japan Retail/Restaurants

both growth opportunities and risks, we take a positive view of Source: Company data, Goldman Sachs Research estimates. management’s policy of not loosening the reins on supply control. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Asics Corp. (7936.T)

Asics Corp. (7936.T) Income Statement (¥ bn) ___________________________________ BUY Rating since Aug 6, 2019 12/25 12/26E 12/27E 12/28E Total revenue 810.9 1,050.0 1,146.0 1,229.0 Cost of goods sold ( ) SG&A ( ) Ratios & Valuation __________________________________________ R&D /25 12/26E 12/27E 12/28E Other operating inc./(exp.) -- -- -- -- P/E (X) EBITDA P/B (X) Depreciation &…