Workman plans 3.10 million Wonder garments. Nomura cuts Workman stock target to JPY 5,700

Published on 10/19/2026 at 02:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

September total-store sales reached 126.0 percent of last year. UBS set a JPY 5,830 target for Workman stock on October 3, 2026, in a Hold report.

Growth plan meets valuation debate

Workman announced a 3.10 million-unit Wonder series plan on October 13, 2026.
Revenue reached JPY 51.81 billion in the quarter ended June 30, 2026.
Workman had a market capitalization of JPY 435.0 billion as of October 19, 2026.

Workman, JP3990100004, Illustration mit AI erstellt.

Workman (ISIN JP3990100004) plans to sell 3.10 million Wonder series workwear items over the year from September 2026 to August 2027, according to PR Times on October 13, 2026. The plan puts product execution at the center of the Workman story, while recent analyst actions point to a more cautious valuation discussion.

Three milestones shape the story

On August 3, 2026, Workman reported quarterly revenue of JPY 51.81 billion and net profit of JPY 7.79 billion for the quarter ended June 30, 2026, versus JPY 41.56 billion and JPY 5.82 billion a year earlier, as reported by The Globe and Mail. On October 1, 2026, September total-store sales reached 126.0 percent of the prior year and existing-store sales reached 120.7 percent, with 1,111 stores at month-end, according to Japan IR. On October 13, 2026, Workman said the Wonder series target was 3.10 million items, including 2.45 million year-round and winter items plus 650,000 summer items planned for April 2027, according to PR Times.

What does the target reset mean?

Nomura cut its rating from Buy to Hold and its target from JPY 8,100 to JPY 5,700 in a report dated October 6, 2026, according to Markets Insider. UBS maintained a Hold rating with a JPY 5,830 target in a report dated October 3, 2026, according to The Globe and Mail. The two targets leave a clear gap between the latest operating momentum and the valuation assumptions used by analysts.

When are the next results due?

Workman's next scheduled reporting date is November 9, 2026, for second-quarter results, according to Jusan Blog. That release should show whether September's 120.7 percent existing-store sales growth is translating into sustained earnings progress.

Tokyo quote keeps the market view local

Workman was trading at JPY 5,330.00 on the Tokyo Stock Exchange on October 19, 2026 at 9:21 a.m. JST. The quote implies a market capitalization of JPY 435.0 billion, while the 52-week range was JPY 5,060.00 to JPY 8,330.00 as of the same market snapshot. The next test is the combination of product volume, store productivity and the November results date.