YONEX (YONXF)

What Moves the Stock

1. 01Asian consumer discretionary spending growth, particularly China/Southeast Asia middle class expansion driving participation in badminton/tennis
2. 02Tournament performance and visibility - Olympic Games, BWF World Championships, ATP/WTA tour sponsorships driving brand awareness
3. 03Yen exchange rate fluctuations affecting export competitiveness and repatriated earnings (company reports in JPY, sells globally)
4. 04Raw material cost inflation for carbon fiber and graphite impacting gross margins
5. 05New product launch cycles for flagship racket models (typically 18-24 month cycles)
6. 06Badminton equipment (rackets, shuttlecocks, apparel) - estimated 50-55% of revenue, highest margin segment
7. 07Tennis equipment (rackets, strings, apparel) - estimated 25-30% of revenue
8. 08Golf equipment (clubs, shafts) - estimated 15-20% of revenue, growing segment

YONXF Chart

My Notes

• growth - 120.8% one-year return and 18.8% revenue growth attract momentum investors focused on Asian consumer discretionary exposure.
• Low direct sensitivity - minimal debt (0.22 D/E ratio) means limited financing cost exposure.
• Watch on earnings: USD/CNY exchange rate (DEXCHUS) affecting China market competitiveness and purchasing power, China retail sales growth and consumer confidence as proxy for discretionary sporting goods demand, JPY exchange rate vs USD/EUR impacting export margins and repatriated earnings.