Abstract: We analyzed earnings revisions for MS-Japan index constituents in May 2026, with the index rising 6.6% from 2,290 to 2,441 and the estimated 2027E index EPS increasing 2.2% month-on-month to 139.5 from 136.5. Individual stock EPS revisions contributed approximately 1.52 to index EPS changes, with 101 stocks revised up and 68 revised down. On the positive side, Kioxia led with a 70.3% EPS revision and the largest index EPS contribution of +1.62, followed by Mitsubishi (+10.5% EPS, +0.34 index impact), Orix (+18.6% EPS, +0.27 index impact), and Mitsubishi UFJ Financial (+2.9% EPS, +0.23 index impact). On the negative side, Rakuten saw the steepest EPS cut at -31.2%, followed by Takeda Pharmaceutical (-25.1%, -0.17 index impact), while Toyota Motor posted the largest negative index EPS contribution of -0.31 despite only a -3.0% EPS revision.
Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial, Orix, Mitsubishi Heavy Industries, Daiwa House Industry
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