Conference Call Takeaways: Firm Earnings and Steady Progress in Performance Running and North America

Goldman Sachs reiterates its Buy rating for Asics Corp. with a ¥5,400 target price, citing high confidence in the company's ability to exceed its FY12/26 earnings guidance through strong performance in the running category.

Key Takeaways

• 1.Asics is likely to exceed FY12/26 operating profit guidance, with GS forecasting ¥185 bn versus company guidance of ¥171 bn.
• 2.Performance Running (P.Run) remains a primary growth driver, with significant market share expansion potential in North America and India.
• 3.Supply chain management and controlled production volume are being used strategically to maintain brand value and smooth production cycles.

Table of Contents

• Key Takeaways
• Growth potential in P.Run
• SPS and OT stand out for their solid performance
• Three new discoveries from 1Q results
• Price Target Risks and Methodology - Asics Corp.
• GS Forecast
• Disclosure Appendix
• Price target and rating history chart(s)

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