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大塚ホールディングス (4578) 業績アップサイド、カタリストが見込める、1-3月決算を踏まえ積極的に推奨したい。

Published: 2026-05-20Institution: JPMorganCompany / ticker: 4578.TPages: 26Original language: 日语Evidence page: 25

Research evidence excerpt

大塚ホールディングス (4578) 業績アップサイド、カタリストが見込める、1-3月決算を踏まえ積極的に推奨したい。

JP ٜٓ؝٤証券株式会社 ؓةؓقبنؔشؠ 株式調査部

若尾 正示AC 2026 年 5 月 20 日 J P M O R G A N

(81-3) 6736-8612

seiji.wakao@jpmorgan.com

Conditions (MITC). The annual Compliance audit report is available at http://www.jpmipl.com/#research.

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Keuangan (OJK).

Korea: J.P. Morgan Securities (Far East) Limited, Seoul Branch, is a member of the Korea Exchange (KRX). JPMorgan Chase Bank, N.A., Seoul

Branch, is licensed as a branch office of foreign bank (JPMorgan Chase Bank, N.A.) in Korea. Both entities are regulated by the Financial Services

Commission (FSC) and the Financial Supervisory Service (FSS). For non-macro research material, the material is distributed in Korea by or through

J.P. Morgan Securities (Far East) Limited, Seoul Branch.

Japan: JPMorgan Securities Japan Co., Ltd. and JPMorgan Chase Bank, N.A., Tokyo Branch are regulated by the Financial Services Agency in

Japan.

Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X), which is a Participating

Organization of Bursa Malaysia Berhad and holds a Capital Markets Services License issued by the Securities Commission in Malaysia.

Mexico: J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero is member of the Mexican Stock Exchange (˘Bolsa Mexicana de

Valores˙) and the Institutional Stock Exchange (˘Bolsa Institucional de Valores˙), and it is authorized to act as a broker dealer by the National

Banking and Securities Exchange Commission (˘Comisión Nacional Bancaria y de Valores˙).

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