F9/26 3Q Results: Weak Progress as Indicated by Monthly KPIs

Research evidence excerpt

F9/26 3Q Results: Weak Progress as Indicated by Monthly KPIs

Update

July 21, 2026 09:31 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MInsource (6200) | Japan Katsumi Arai

Equity Analyst

F9/26 3Q Results: Weak Katsumi.Arai@morganstanleymufg.comAkiho Toyama +81 3 6836-8918

Akiho.Toyama@morganstanleymufg.com +81 3 6836-8405

Progress as Indicated by

Monthly KPIs

AlphaSignals Earnings Reaction

Insource (6200.T, 6200 JP)

Unchanged In-line Modest revision lower Mid Small Cap/Non-Manufacturer | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥1,100

Shr price, close (Jul 21, 2026) ¥631

Mkt cap, curr, basic (bn) ¥53.0

Key Takeaways Avg daily trading value (bn) ¥0.4

3Q OP came to ¥1.5bn (+11% YoY), ~4% below the consensus. Open seminar

attendee numbers appeared to lag our estimate.

Announced share buyback up to 3.5% of shares outstanding, and DPS hike from

¥29.5 to ¥35 commemorating 10 years since listing on TSE.

Monthly data had already been released, but in the core On-Site Training business,

the number of trainings conducted showed signs of recovery at +7% YoY, while in

the Open Seminars business, the number of attendees increased just +1% YoY,

lagging our estimate. We see a possibility that corporate training demand may be

weakening slightly. Although momentum was not as bad as implied by monthly data

disclosures thanks to pricing improvements and SG&A control, sales momentum

remains soft due to the drop out of special DX training demand. Our focus ahead is

therefore on how much Insource can lift sales momentum by strengthening the

sales structure.

Exhibit 1: Results Highlights

F9/26 Q3 F9/26

JPY mn MS e Con.