Baycurrent (6532.T): Initiate at Buy on above-market profit growth (+25% OP CAGR), driven by hiring capabilities and AI/security consulting demand

Research evidence excerpt

Baycurrent (6532.T): Initiate at Buy on above-market profit growth (+25% OP CAGR), driven by hiring capabilities and AI/security consulting demand

enerative AI

Digital Twin Mobility Implementing user behavior simulation using digital twin technology

CoE Organization Launch Energy Sales transformation and AI-CoE organization establishment to expand external sales

Cybersecurity Finance Building and integrating a framework to strengthen global cybersecurity

Defense Central Government Operational reform and technology application review to accelerate recovery during disasters and emergencies

Branding Mobility New vehicle concept development for an OEM manufacturer

Global Healthcare Driving global digitalization and designing governance frameworks

DX-Related Strategy Finance Formulating a new business strategy for building a circular economy

Strategy Materials & Science Market analysis and monetization strategy for social-impact-driven new businesses

DX / Modernization Mobility Architecture design and software development platform concept for SDV development

DX / Modernization High-Tech Formulating a business DX concept for core system renewal

DX / Modernization Energy Redesigning the enterprise architecture supporting stable power supply

Source: Company data, Data compiled by Goldman Sachs Global Investment Research

Major clients

Major clients are centered on large, top-tier companies in their respective

industries. The sales ratio to the financial sector is 29%,

telecommunications/media/high-tech is 32%, and others is 39% (based on FY2/26

actual results; Exhibit 2). Looking at trends over the past five years, while the sales ratio

for telecommunications/media/high-tech has declined, the sales ratio for others is on an