Report published September 2, 2026
Asics Corp. (7936.T): Capturing Growth Opportunities in China's Wellness Economy – Goldman Sachs Equity Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Sho Kawano, Tomoko Imoto, Xiao Zhang, Chie Hu
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterates a Buy rating on Asics Corp. (7936.T) with a 12-month price target of ¥6,000 following panel discussions at the Asia Leaders Conference 2026. The firm highlights substantial medium-to-long-term growth potential in China driven by store network expansion to 1,000 locations by 2029 and a premiumization strategy.
Key Takeaways
- 1.Asics plans to expand its China store count from 425 stores in 2025 to 1,000 by 2029, increasing DTC stores to 200 and partner mono-brand stores (PMBS) to 800.
- 2.Asics is executing a brand premiumization strategy by focusing on high-value running models (RMB1,300 price band), upsizing stores to ~300 sqm, and shifting low-tier merchandise to online channels in lower-tier cities.
- 3.Strategy shift results are materializing, with China orders for Spring/Summer 2027 up 21% yoy (P.RUN +8%, Sports Style up just under 40%).
Table of Contents
- Asia Leaders Conference 2026
- Key takeaways
- Price Target Risks and Methodology - Asics Corp.
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
GS Forecast and Valuation Summary Table for Asics Corp. — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-Month Price Target | 6000 JPY | Price target for Asics Corp. based on FY27E EV/NOPAT multiple of global sports brands. |
| Stock Price | 4371 JPY | Closing stock price as of 1 Sep 2026. |
| FY12/26 China Sales Guidance | 154.0 JPY bn | Asics company sales guidance for China, representing 15% of total sales. |
| China Store Count Target | 1000 stores | Target store count in China expanding from 425 stores in 2025 to 1,000 by 2029. |
| Spring/Summer 2027 China Order Growth | 21% | Advance China order growth yoy for Spring/Summer 2027. |
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Authors / Editors
Reported Data Context
- 12-Month Price Target: 6000 JPY (12-month forward) · Source: Goldman Sachs Research
- Stock Price: 4371 JPY (2026-09-01) · Source: FactSet
- FY12/26 China Sales Guidance: 154.0 JPY bn (FY12/26) · Source: Company data
- China Store Count Target: 1000 stores (2029) · Source: Company data
- Spring/Summer 2027 China Order Growth: 21 % (SS27) · Source: Company data
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