We are providing an earnings update based on Q4 results. We are lowering our OP forecasts mainly for FY5/27 and FY5/28 to factor in a delayed sales recovery in the Askul business, but we maintain our outlook for OP to turn to the black in FY5/27. We are adjusting our price target from ¥1,230 to ¥1,240. We confirm our Neutral rating. Investment overview Askul is a major company in online sales of indirect products, mostly office equipment. In its core BtoB business, there are roughly 5.69mn registered IDs (a ...