CyberAgent: Mar Q Results: Profit Far Exceeded Market Expectations, With Clear Upside Momentum On Profit Gains in All Segments

Research evidence excerpt

CyberAgent: Mar Q Results: Profit Far Exceeded Market Expectations, With Clear Upside Momentum On Profit Gains in All Segments

Update

May 13, 2026 10:38 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MCyberAgent (4751) | Japan Tetsuro Tsusaka, CFA

Equity Analyst

Mar Q Results: Profit Far Tetsuro.Tsusaka@morganstanleymufg.comLuyuan Yang, CFA +81 3 6836-8412

Luyuan.Yang@morganstanleymufg.com +81 3 6836-8423

Exceeded Market Expectations, Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

With Clear Upside Momentum

CyberAgent (4751.T, 4751 JP)

Internet & Media | JapanOn Profit Gains in All Segments

Stock Rating Equal-weight

Industry View In-Line

Price target ¥1,500

Reaction to earnings Shr price, close (May 13, 2026) ¥1,257

Mkt cap, curr, basic (bn) ¥637.4

Unchanged In-line Largely unchanged Avg daily trading value (bn) ¥5.5

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Vs. forecasts: Profit significantly exceeded market forecasts. While no guidance hike

was announced despite 1H profit having already achieved 87.4% of the top end of

the full-year target, we think consensus-level profit looks achievable. Media & IP,

game, and internet advertising businesses all did well.

Main surprises: Strong results across all segments, with the game business

overwhelmingly driving profit growth. OP rose 39% YoY; profit growth

contributions were led by games (68%), followed by media & IP (26%) and internet

advertising (10%).

Recommended action: Earnings exceeded expectations, showing clear upside

momentum, which we feel will likely provide some support for the weak share price.

Media IP: OP +66%, with a strong showing at Abema, and Winticket and several