Asics Corporation

Among stocks that moved the previous day, Xebio Holdings rose after first-quarter operating profit increased 38.7%, while Kasai Kogyo posted a sharp profit increase with first-quarter operating profit of 4.118 billion yen, up from 210 million yen in the same period a year earlier. On the other hand, Mynet fell after its first-half operating result swung to a loss of 132 million yen. Asics surged after revising upward its earnings and dividend forecasts for the fiscal year ending December 2026, and Nexon was bought after announcing a large special dividend. Trend fell sharply by 1,000 yen to 5,851 yen after a downward earnings revision pointed to a substantial profit decline.

Asics announced on the 14th that it has revised upward its consolidated net profit forecast for the fiscal year ending December 2026, from the previous 110 billion yen to 120 billion yen, an increase of 21.6 percent year on year. In the second half, Onitsuka Tiger is expected to remain strong mainly in Japan, while SportStyle is also expected to perform well mainly in Europe. The company revised its assumed exchange rates to reflect the current environment, which lifted earnings, and revenue is expected to reach a record high of 1.05 trillion yen. The annual dividend forecast was also raised from 38 yen per share to 44 yen, compared with 28 yen in the previous year.

Against the tailwind of sporting events in 2026, the comparison between Japan's two leading sports manufacturers, Asics and Mizuno, is drawing attention. Asics has achieved high growth through the success of Onitsuka Tiger and global expansion, trading at a high forward PER of 31 times, while Mizuno is undervalued at 14 times PER, with a solid earnings base in competitive equipment such as baseball and golf gear. Asics posted strong first-quarter operating profit of 60.8 billion yen, up 37 percent year-on-year, reaching a progress rate of 35.5 percent against its full-year plan, making an upward revision almost certain. Mizuno expects revenue to rise 8.1 percent to 280 billion yen and operating profit to increase 12.8 percent to 25.5 billion yen this fiscal year, both setting new record highs and maintaining a trend of consecutive revenue and profit growth. In terms of share price levels and supply-demand dynamics, Asics is down only 5 percent from its all-time high, while Mizuno is down 18 percent, and the margin trading ratio also highlights the weight of outstanding buy positions, with Asics at 1.4 times versus Mizuno at 30.2 times.