Muninova Holdings (547A): Earnings model update

Research evidence excerpt

Muninova Holdings (547A): Earnings model update

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

13 July 2026

Muninova Holdings (547A) Overweight

547A.T, 547A JP

Earnings model update Price (13 Jul 26):¥440

Price Target (Dec-27):¥560

We update our earnings estimates based on 4Q results and current monthly trends. Japan Equity Research

We maintain our Overweight rating and our ¥560 price target through December

Insurance, Securities, Diversified

2027 (previously through December 2026). We lower the fair-value P/E we apply Financials

to calculate our price target (from 10x to 8x), given the strong focus on rising AC Koki Sato

interest rates and the lack of strong sentiment toward consumer credit companies

(81-3) 6736-8609

like Muninova Holdings. However, we still think the current discount on the koki.sato@jpmorgan.com

company is excessive. We believe the stock looks more attractive in terms of the Yuka Azami

dividend yield due to the company raising the dividend payout ratio above the (81-3) 6736-8619

initial medium-term management plan (MTP) target. yuka.azami@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Earnings estimates summary: We forecast consolidated ordinary profit of

¥43.4 billion in FY2026 (guidance: ¥42.0 billion), ¥51.6 billion in FY2027

(+19% YoY), and ¥58.5 billion in FY2028 (+13%: newly added). The revisions Key Changes (FYE Mar)

from our previous estimates are only slight overall, but we revise up the outlook Prev Cur Δ

Adj. EPS - 27E (¥) 70.66 73.36 3.8%

for non-consolidated Aiful parent profit slightly as we slightly revise down the

outlook for credit costs on one hand, and reduce the profit contributions of Life Style Exposure

Card and AG Business Support on the other. We also factor in ¥1 billion in