J P M O R G A N Asia Pacific Equity Research 31 July 2026 ASKUL (2678) Earnings model update We lower our topline outlook for the ASKUL business in light of sales in June-July, and accordingly lower our earnings estimates. We change our price target horizon from end-2026 to end-2027 and update the reference year for BPS and ROE used in our price target calculation from FY5/27 to FY5/28. We accordingly raise our price target from ¥900 to ¥1,060 but maintain our Underweight rating. We expect the company to mi ...