2025-06-10-花旗集团-MonotaRO（3064）_MonotaRO（3064.T）_5月销售有些积极——中暑相关产品增长带来推动_10页_319kb

Citigroup Research issues a "Sell" recommendation for MonotaRO due to concerns about elevated valuations and expected slowing sales growth, despite positive sales performance in May. May sales reached ¥24.96bn (+11.9% YoY), narrowly exceeding forecasts and driven by strong sales of heatstroke-related products (fans, meters, salt tablets) influenced by new work safety regulations. Growth improved compared to April (-15.1% YoY), with MonotaRO.COM slightly overshooting guidance and corporate collaborations in line. Valuation sets a target price of ¥2,600 (35x PER), lower than the current price, reflecting expected decelerated sales growth to 14.2% CAGR, down from 17.0% annually. Key risks include intensified competition (e.g., from Amazon Business), potential cost fluctuations, IT disruptions, and foreign exchange impacts. The firm cautions that while short-term catalysts like e-commerce expansion offer upside, long-term factors could pressure the share price.