ACOM (8572) 4Q results: Guidance for profit decline and flat dividend was as expected

研报英文原文证据摘录

ACOM (8572) 4Q results: Guidance for profit decline and flat dividend was as expected

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

12 May 2026

ACOM (8572) Neutral

8572.T, 8572 JP

4Q results: Guidance for profit decline and flat dividend Price (12 May 26):¥489

was as expected Price Target (Dec-26):¥480

Neutral: FY2025 results were in line with the revised guidance announced on Japan Equity Research

April 20. FY2026 guidance calls for operating profit of ¥98.0 billion (-2.4% YoY;

Insurance, Securities, Diversified

our estimate: ¥109.7 billion), profit attributable to owners of parent of ¥63.8 billion Financials

(-19.9% YoY; our estimate: ¥71.4 billion), and an annual dividend of ¥22 per share AC Koki Sato

(our estimate: ¥22 per share). While profit guidance is roughly 10% below our

(81-3) 6736-8609

forecast, we see no major surprises given management’s typically conservative koki.sato@jpmorgan.com

initial guidance. Yuka Azami

• Summary of FY2026 guidance: Guidance calls for consolidated operating (81-3)yuka.azami@jpmorgan.com6736-8619

profit to decline by ¥2.4 billion YoY, including a decline of ¥2.6 billion at the JPMorgan Securities Japan Co., Ltd.

Acom parent and a decline of ¥2.3 billion at EASY BUY. We assume changes

in other subsidiaries and consolidation adjustments will contribute positively.

Guidance for a large decline in net profit (down ¥15.8 billion YoY) is due to

a reaction to the impact of deferred tax assets recognized in the previous fiscal

year. While the Acom parent is expected to post higher operating revenue on

growth in receivables outstanding, this is to be largely offset by increases in

financial expenses and bad debt-related expenses (up ¥5.0 billion YoY and ¥8.0

billion YoY, respectively). It is difficult at this stage to judge whether bad debt-