Appier Group: Mar Q Results: Low Season, but a Solid Start

Research evidence excerpt

Appier Group: Mar Q Results: Low Season, but a Solid Start

Update

May 13, 2026 11:04 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAppier Group (4180) | Japan Luyuan Yang, CFA

Equity Analyst

Mar Q Results: Low Season, but Luyuan.Yang@morganstanleymufg.comTetsuro Tsusaka, CFA +81 3 6836-8423

Tetsuro.Tsusaka@morganstanleymufg.com +81 3 6836-8412

a Solid Start Keiji Nishimura

Research Associate

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

Reaction to earnings

Appier Group (4180.T, 4180 JP)

Unchanged In-line Largely unchanged

IT & Software | Japan

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

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target ¥800

Shr price, close (May 13, 2026) ¥1,001

vs Forecasts: Revenue +29% YoY, OP +153% YoY, OPM 2% (+1pt YoY). Revenue was Mkt cap, curr, basic (bn) ¥102.0

in line with expectations, while profits slightly exceeded market expectations. Avg daily trading value (bn) ¥1.6

Improvement in gross margin offset the rise in SG&A ratio, resulting in a modest

YoY improvement in OPM.

Earnings Surprise: GPM improvement was driven by better efficiency in pilot

operation costs. The increase in SG&A ratio was mainly due to consolidation of

acquired companies and higher server costs related to AI product development.

Recommended Action: The company is off to a solid start toward achieving full-year

guidance. Although the stock has recently outperformed peers, earnings are

currently tracking ahead of the full-year plan, which could continue to support the

share price.

By Region: East Asia +28%, Greater China -9%, Americas & Europe +49%, Southeast

Asia +303%. Both Japan and Korea delivered strong growth. Greater China turned