Capcom Q1: Wrapping up FY3/27 in style... in July

Research evidence excerpt

Capcom Q1: Wrapping up FY3/27 in style... in July

29 July 2026

Estimate Change

Robin Zhu

+852 2123 2659

Japan Video Gaming robin.zhu@bernsteinsg.com

Capcom Co Ltd Charles Gou

+852 2123 2618

Rating charles.gou@bernsteinsg.com

Outperform Min-Joo Kang

Price Target +852 2123 2644

minjoo.kang@bernsteinsg.com

9697.JP 4,700.00 JPY (4,600.00 OLD)

Hyrum Caesar

+81 3 6777 6979

hyrum.caesar@bernsteinsg.com

Capcom Q1: Wrapping up FY3/27 in style… in July

A requiem for a lost six months. Capcom’s Q1 earnings were a large beat of consensus, Close Date 28 Jul 2026

and cleared even buyside bulls hoping for a JPY40bn operating profit print. RE Requiem sales

9697.JP Close Price (JPY) 3,529.00

topped 8mn units to date, RE 4 remake sold 2.4mn units in the quarter, and Pragmata sold

Price Target (JPY) 4,700.00

over 2.5mn units as an all-new IP. For the sake of argument, JPY41bn of Q1 operating profit

Upside/(Downside) 33%

plus 32mn units of catalog units guided for Q2-Q4, multiplied by $8 ARPU, 163 USD:JPY, and

52-Week Range 4,464.00/2,736.00

a 90% incremental margin, implies JPY79bn of full year profit… compared with Capcom’s

JPL --

JPY83bn guidance. Given Capcom’s tendency to manage full year growth, sales of Onimusha

FYE Mar

and the year-end launch likely mostly contribute to FY3/28E profits.

Div Yield 1.3%

What a difference a few weeks makes… the catalyst path from here. After a near-20% Market Cap (JPY) (B) 1,881.00

rally in a month, it wouldn’t surprise us if there was some near-term chop. But the catalyst EV (JPY) (B) 1,738.11

runway for Capcom remains rich. Onimusha launches on Sep 4, with the demo exceeding Performance YTD 1M 6M 12M

1mn downloads so far. The Resident Evil and Street Fighter movies follow on Sep 18 and Oct Absolute (%) (3.3) 19.7 (9.6) (17.6)