ラクス: 3月Q決算注目点：業績は堅調、新中計に生成AIの定量的な目標あるか注視したい

Research evidence excerpt

ラクス: 3月Q決算注目点：業績は堅調、新中計に生成AIの定量的な目標あるか注視したい

%

IT staffing 20% 25% 22% 7% 67% -1345% -5% -28% 54% 60% 25% 70% 103% 59% - - -

出所：Company Data, Morgan Stanley Research. e = Morgan Stanley Research estimates. Consensus from Visible Alpha.

図表4: RAKUS (3923.T) : KPI

KPI F3/21 F3/22 F3/23 F3/24 F3/25 1Q F3/25 2Q F3/25 3Q F3/25 4Q F3/25 F3/26 1Q F3/26 2Q F3/26 3Q F3/26 4Qe F3/26e F3/27e F3/28e F3/29e

No. of clients

Rakuraku Seisan 6,504 8,335 10,604 13,959 14,302 14,724 15,050 15,405 15,405 15,776 16,251 16,671 17,150 17,150 18,950 20,650 22,250

Rakuraku Meisai 1,904 3,402 5,443 9,031 9,630 10,386 11,165 11,939 11,939 12,607 13,316 13,989 14,700 14,700 17,500 20,150 22,675

Net add

Rakuraku Seisan 1,470 1,831 2,269 3,355 343 422 326 355 1,446 371 475 420 479 1,745 1,800 1,700 1,600

Rakuraku Meisai 958 1,498 2,041 3,588 599 756 779 774 2,908 668 709 673 711 2,761 2,800 2,650 2,525

YoY%

Rakuraku Seisan 29% 28% 27% 32% 25% 17% 12% 10% 10% 10% 10% 11% 11% 11% 10% 9% 8%

Rakuraku Meisai 101% 79% 60% 66% 55% 37% 34% 32% 32% 31% 28% 25% 23% 23% 19% 15% 13%

Average monthly spending (JPY)

Rakuraku Seisan 78,655 85,530 88,818 92,731 93,259 92,903 93,325 100,896 100,896 101,958 102,177 102,663 103,000 103,000 104,200 106,200 110,200

Rakuraku Meisai 64,923 65,092 67,644 72,733 73,868 74,767 78,090 78,230 78,230 77,497 77,175 81,845 82,300 82,300 84,100 87,000 90,800

Rakuraku Seisan 10% 9% 4% 4% 3% 1% 1% 9% 9% 9% 10% 10% 2% 2% 1% 2% 4%

Rakuraku Meisai 20% 0% 4% 8% 9% 4% 6% 8% 8% 5% 3% 5% 5% 5% 2% 3% 4%

出所：Company Data, Morgan Stanley Research. e = Morgan Stanley Research estimates. Consensus from Visible Alpha

Morgan Stanley MUFG 5