Abstract: We analyzed the consensus earnings revision of MS-Japan component stocks for March 2026, during which the index declined 10% from 2,379 to 2,130, while the index's 2027E EPS rose 1.7% month-on-month from ¥134.2 to ¥136.4, with 107 stocks revised up versus 63 revised down. Individual stock EPS revisions contributed ¥0.894 to the index EPS change, led on the positive side by Kioxia (285A JP, +¥0.42), Shimizu (1803 JP, +¥0.28), Mitsubishi (8058 JP, +¥0.27), and Mitsui & (8031 JP, +¥0.22), while Honda Motor (7267 JP, -¥0.31) and SoftBank (9984 JP, -¥0.19) were the largest negative contributors. Among individual stock EPS revisions, Nissan Motor (7201 JP) led with a +22.7% upward revision, followed by Kioxia (+19.0%) and Eneos (5020 JP, +18.3%), while Honda Motor (-15.4%) and SoftBank (-11.2%) saw the steepest downgrades.
Shimizu Corporation, Aeon Co., Ltd., Mitsubishi Chemical Group Corporation, Kioxia Holdings Corporation, Mitsui & Co., Ltd., Sumitomo Metal Mining Co., Ltd.
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