Muninova Holdings (547A) 4Q results: Dividend plan exceeds expectations; capital and business alliance with Orico announced

Research evidence excerpt

Muninova Holdings (547A) 4Q results: Dividend plan exceeds expectations; capital and business alliance with Orico announced

J P M O R G A N Asia Pacific Equity Research

16 May 2026

Muninova Holdings (547A) Overweight

547A.T, 547A JP

4Q results: Dividend plan exceeds expectations; capital Price (15 May 26):¥458

and business alliance with Orico announced Price Target (Dec-26):¥560

Somewhat positive: FY2025 ordinary profit, announced after the market close Japan Equity Research

May 15, was ¥35.5 billion, slightly above guidance of ¥33.0 billion and our

Insurance, Securities, Diversified

estimate of ¥34.6 billion, but in line overall. FY2026 guidance is ¥42.0 billion, as Financials

expected and in line with the medium-term management plan target. While this is AC Koki Sato

still initial guidance, it was positive to see confirmation that the medium-term

(81-3) 6736-8609

target remains achievable, and that the total payout ratio was raised to 30%, above koki.sato@jpmorgan.com

the initial total payout ratio target. We also note progress in the business alliance Yuka Azami

with Mizuho Bank and Orient Corporation (Orico), announced on the same day. (81-3) 6736-8619

yuka.azami@jpmorgan.com

• Summary of FY2026 guidance: Ordinary profit guidance of ¥42.0 billion (+ JPMorgan Securities Japan Co., Ltd.

¥6.5 billion YoY) breaks down mainly as AIFUL at ¥34.9 billion (+¥4.0 billion

YoY) and AG Payment Services at ¥5.0 billion (+¥1.8 billion YoY). AIFUL’s

profit outlook is above our estimates, mainly because the increase in financial

expenses was not as large as expected. FY2026 DPS plan of ¥20 (up ¥8 YoY)

was a surprise. This is meaningfully above our estimate of ¥14, and the total

payout ratio was set at 30%, above the initial total payout ratio target of 20%.