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
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