Abstract: We analyzed the earnings revision of MS-Japan index constituents for April 2026, finding that the index's 2027E EPS declined by -0.63% month on month to 136.6, with 83 stocks revised up and 83 revised down. The MS-Japan index itself rose 7.5% over the month, from 2,130 to 2,290. Individual stock EPS revisions contributed -¥0.456 in aggregate to the index EPS. The largest positive contributors to index EPS were Mitsubishi UFJ Financial (+¥0.26) and Mizuho Financial (+¥0.20), while Honda Motor (-¥0.63) and Toyota Industries (-¥0.38) were the largest drags. At the stock level, the steepest EPS cuts were in Nissan Motor (-47.6%), Honda Motor (-41.9%), and ANA (-20.8%), while Idemitsu Kosan (+12.1%), Shimizu (+10.9%), and Sompo (+10.5%) led EPS upgrades.
Mitsubishi UFJ Financial, Takeda Pharmaceutical, Shimizu, Toyota Motor, Kioxia, Ana
A monthly review of consensus earnings revisions for MSCI Japan constituents. Each issue estimates how the index's forward EPS changed over the month, and tabulates the stocks with the largest impact on index EPS alongside their EPS and revenue revisions. All issues of Index Earnings Revision Monthly →
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