Asics Corporation

ASICS announced its second-quarter results for the fiscal year ending December 2026, and after it raised its full-year consolidated earnings forecast and increased its annual dividend by 6 yen, the stock ended trading at 5,281 yen, up 515 yen or 10.81 percent from the previous day, setting a record high since listing. For the interim period from January to June 2026, consolidated revenue rose 32.7 percent year on year to 534.48 billion yen, operating profit rose 48.5 percent to 120.486 billion yen, ordinary profit rose 48.3 percent to 116.598 billion yen, and interim net profit rose 53.3 percent to 82.171 billion yen, achieving higher revenue and profit across all regions and all categories. The full-year forecast calls for revenue of 1.05 trillion yen, up 29.5 percent from the previous year, operating profit of 195 billion yen, up 36.8 percent, ordinary profit of 189 billion yen, up 35.7 percent, and net profit of 120 billion yen, up 21.6 percent, with earnings per share expected at 169.30 yen. The annual dividend forecast was raised from the previous 38 yen to 44 yen, comprising an interim dividend of 20 yen and an expected year-end dividend of 24 yen. Even excluding the impact of foreign exchange, interim revenue rose 22.0 percent and operating profit rose 37.7 percent, while the full-year forecast shows revenue up 22.6 percent and operating profit up 30.0 percent, demonstrating growth driven by genuine business strength rather than reliance on a weak yen.

Asics announced on the 9th that it has resolved to buy back its own shares, with a limit of 20 million shares, equivalent to 2.82% of total issued shares, and up to 70 billion yen. The company stated that it took into account the current stock price level, as it continues to update record highs and revised its earnings forecast upward in August. The acquisition period is from the 10th to March 31, 2027. It also decided to cancel 25 million of its own shares on September 30.

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.