2025-06-10-花旗集团-MonotaRO（3064）_斯坦利电气（6923）_日野汽车（7205）_日本要点_公司_关键评级和目标价格变化_12页_170kb

Citi Research: Japan Key Rating and Target Price Changes (June 11, 2025)

Hino Motors (7205.T)

• Action: Positive, large buyback program announced.
• FY3/26 Guidance: Sales ¥480bn (-6% YoY), Operating Profit (OP) ¥41.2bn (-16%, OPM 8.6%)
• Share Buyback: ¥80bn or 35mn shares (23.5% of float).
• Short-term Implication: Neutral outlook.

Stanley Electric (6923.T)

• Action: Announced large buyback campaign & FY3/26 guidance. Enhances shareholder returns & capital efficiency.

MonotaRO (3064.T)

• Action: May sales slightly positive.
• Drivers: Strong sales of heatstroke-related products following June 1 regulations.

Mazda Motor (7261.T)

• Action: Maintain "Sell" rating. Lower Target Price (¥780) from yen appreciation/Tariffs. Anticipate operating loss in fiscal year 3/26.

Denso (6902.T)

• Action: Maintain "Buy" rating. Lower Target Price (¥2,400) due to reduced estimates, but still sees growth from electrification.
• EMBED: Catalyst Watch Element Table (GP863-004 JP) | CDT: Thu Apr 04 | N/S: DATES/PRICES | Up to ¥¥¥