JINS Holdings: Revising forecasts: Challenges remain for global expansion

We are updating our earnings forecasts following Q4 results. We lower our OP forecasts, particularly for FY8/27. We expect OP to remain broadly flat yoy in FY8/27 as the company continues investing for growth, but forecast OP growth in FY8/28. We lower our price target from ¥6,300 to ¥5,960 and maintain our Neutral rating. JINS is a major eyewear retailer operating in Japan as well as mainland China, Hong Kong, Taiwan, the Philippines, Vietnam, and the US, with competitive advantages in the product appeal and price competitiveness of its private label offerings. We forecast FY8/27 OP of ¥11.4bn, flat yoy (previous forecast ¥12.6bn; guidance ¥11.5bn;