Mizuho keeps Hold on Tsuruha stock after interim results

Published on 10/19/2026 at 03:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Six-month revenue reached JPY 1.28 trillion through August 2026. Mizuho kept Hold on Tsuruha stock with a target of JPY 2,150.

Interim results shape the next phase

Mizuho Securities maintained a Hold rating and set a JPY 2,150 target on October 13, 2026.
Tsuruha reported JPY 1,275.5 billion in revenue for the first half of fiscal 2027.
The next earnings report is scheduled for March 25, 2027.

Tsuruha, JP3536150000, Illustration mit AI erstellt.

Tsuruha Holdings Inc. (JP3536150000) reported JPY 1,275.5 billion in revenue for the first half of fiscal 2027, while Mizuho Securities maintained a Hold rating and set a JPY 2,150 price target on October 13, 2026, as reported by Markets Insider. The result gives investors two competing signals: integration has lifted reported earnings, while the analyst stance remains cautious.

Half-year sales reflect integration

For the interim period ending August 2026, consolidated revenue rose 128.7 percent year over year to JPY 1,275,514 million. Operating income increased 92.6 percent to JPY 54,770 million, and net income attributable to owners rose 48.5 percent to JPY 30,252 million, according to Japan IR.

The comparison requires care because the December 2025 management integration with Welcia Holdings changed the group structure. On a comparable basis, first-half sales increased 3.0 percent and operating income rose 3.2 percent, while net income fell 16.6 percent because the prior-year period included a JPY 6.6 billion securities-sale gain.

What does the target imply?

Mizuho Securities set its JPY 2,150 target on October 13, 2026, and kept its Hold rating, according to Markets Insider. The target sits below the JPY 2,203.50 Tokyo Stock Exchange price reported by structured market data at 10:12 a.m. JST on October 19, 2026, making execution of the integration plan central to the valuation.

Three dates frame the story

On July 14, 2026, Tsuruha reported first-quarter sales of JPY 636.8 billion. On October 7, 2026, its first-half revenue reached JPY 1,275,514 million. On October 13, 2026, Mizuho Securities maintained Hold with a JPY 2,150 target, according to Markets Insider.

Next reporting date is March 25

The next earnings report is scheduled for March 25, 2027, according to TradingView. Until then, the key test is whether comparable sales and operating income can sustain the benefits attributed to the Welcia integration.

Tokyo listing and valuation context

Tsuruha is listed as ticker 3391 on the Tokyo Stock Exchange, according to TradingView. Its market capitalization was JPY 999.7 billion on October 19, 2026, while the reported 52-week range was JPY 1,889.00 to JPY 2,993.00.