Net Protections Holdings: Deep dive: We initiate our coverage with a Buy rating

Research evidence excerpt

Net Protections Holdings: Deep dive: We initiate our coverage with a Buy rating

Global Markets Research

19 June 2026Net Protections Holdings

7383.T 7383 JP / EQUITY: JAPAN INSURANCE & DIVERSIFIED FINANCIALS

Rating

Deep dive: We initiate our coverage with a Buy rating Starts at Buy

Target price JPY 600Reacceleration in growth appears imminent as earnings driver shifts from Starts at

older BNPL services to corporate payments

Closing price JPY 354Focus now more on the longer term than the short term 18 June 2026

We initiate our coverage of Net Protections Holdings—a major provider of buy now, pay

Implied upside +69.5%later (BNPL) cashless payments that require neither a credit card nor registration—with a

Buy rating. While we expect growth in conventional BNPL services for consumers to slow,

we expect overall growth to pick up again through 31/3 on increased usage in new areas

such as corporate payments and payments for video streaming. P/E, P/S, and other share

Relative performance chartprice indicators are lower than at sector peers with similar businesses, and we think the

stock looks even more undervalued given its prospects for renewed growth. We assign a

Buy rating, as our DCF-based target price of ¥600 implies upside of roughly 70% versus

the current share price.

Shift to corporate payment infrastructure likely to drive renewed growth

We expect growth in corporate BNPL and smartphone app–based BNPL payments to

gather pace as a result of collaboration with major partners and expansion in the areas in

which these services are used. We expect corporate BNPL operations to drive

reacceleration in growth over the medium term as collaboration with major credit card

companies ramps up through 29/3. We expect the weighting of corporate BNPL within