SBI Holdings (8473): 1Q results: Reassuring outlook for PE investment business; 1H DPS guidance announced

Research evidence excerpt

SBI Holdings (8473): 1Q results: Reassuring outlook for PE investment business; 1H DPS guidance announced

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

01 August 2026

SBI Holdings (8473) Overweight

8473.T, 8473 JP

1Q results: Reassuring outlook for PE investment Price (31 Jul 26):¥3,038

business; 1H DPS guidance announced Price Target (Dec-26):¥4,180

Positive: 1Q FY2026 net profit rose 75% YoY and 89% QoQ to ¥148.1 billion. Japan Equity Research

Profit in the PE investment business was strong, so 1Q net income was well above

Banks

our forecast of ¥59.1 billion. Management said the PE investment portfolio has

holdings that can be expected to contribute to earnings. 1H DPS is not high relative Takahiro Yano, CFA AC

to the full-year level, but we expect the announcement with the 1Q results of a ¥10 (81-3) 6736-8616

takahiro.yano@jpmorgan.com

YoY increase in 1H DPS to ¥30 to raise expectations for the full-year level.

Kohichi Takano

• Detailed explanation of PE investment business outlook provided at (81-3)kohichi.takano@jpmorgan.com6736 8621

briefing after the close: Management commented that at the start of the fiscal JPMorgan Securities Japan Co., Ltd.

year, 13 investees were expected to contribute substantially to FY2026

earnings. Of the 13, five are in the semiconductor business, two in fintech, and

one each in AI, energy, defense, digital assets, quantum technology, and

cybersecurity. Five are based in North America, four in Europe, two in Asia,

and one each in Japan and the Middle East. Six generated profits in 1Q. The

remaining seven are expected to do so in 2Q onward, with high probabilities

for five and medium probabilities for two. Management noted that it expects

over 20 investees, rather than 13, to generate profits in the period through

FY2027.