Asia Essentials - 13 Jul 2026

Research evidence excerpt

Asia Essentials - 13 Jul 2026

Macquarie Equity Research

10 July 2026

Technology

Software & Services

Sansan Japan

From biz-data platform to future SoA enabler

Hiroshi Hangil

Key Points Yamashina Moon

• We now see Sansan more as an SoR/SoI platform in the AI system 4443 JP Outperform

context, not a digital business card SaaS, given its Business Data Price (at 10 Jul 2026) YEN1,724

Platform and MCP 12-month target ¥3,000.00

• Bill One is automating workflow execution by AI-driven reconciliation 12-monthVolatility IndexTSR (%) High74.0

and processing. Further development to progress towards SoA is key Market Cap (Local) (m) 218,604

Market Cap (USD) (m) 1,346• Maintain OP, with a TP of ¥3,000, as our views on long-term growth at

Sansan and Bill One, adopting AI, are unchanged Free Float (%) 56

30-day avg turnover (USD) (m) 13.5

Investment Fundamentals• Based on our SoR/SoE/SoI/SoA (Systems of Record/Engagement/

Year end 31 May 2025A 2026E 2027E 2028E

Insight/Action) framework, we continue to see Sansan primarily as an Revenue (bn) 43,202 53,682 64,177 74,466

SoR/SoI company. It is evolving into a Business Data Platform that Revenue growth (%) 27.5 24.3 19.5 16.0

accumulates customer interaction histories, relationship networks, EBIT (bn) 2,800 7,893 13,453 18,857

company master data, contract data and invoice data, with MCP servers EBIT growth (%) 109.4 181.9 70.4 40.2

Reported profit (bn) 429.0 5,590 9,351 13,112

further strengthening its AI-accessible SoR/SoI positioning. Adjusted profit (bn) 429.0 5,590 9,351 13,112

• In Bill One, functions such as invoice-payment reconciliation, AI matching, EPS rep [¥] 3.4 44.3 74.8 104.9

EPS rep growth (%) (55.1) 1,200.3 68.9 40.2

AI-generated journal entries and automated approvals suggest progress EPS adj [¥] 3.4 44.3 74.8 104.9