Seven Bank (8410): FY3/26 briefing: achieving FY3/29 RP target is uncertain; few near catalysts

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Seven Bank (8410): FY3/26 briefing: achieving FY3/29 RP target is uncertain; few near catalysts

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Seven Bank (8410)

FY3/26 briefing: achieving FY3/29 RP

target is uncertain; few near catalysts

Maintain Rating: UNDERPERFORM | PO: 270 JPY | Price: 269 JPY

11 May 2026

Seven Bank held the FY3/26 results briefing at 14:00 on 11 May. Key takeaways from

Equitythe presentation and Q&A are as follows: (1) Limited visibility on achieving the FY3/29

recurring profit target of ¥40bn, even factoring in Seven CS turning profitable and an Shinichiro Nakamura >>

ATM fee hike assumed for FY3/28. (2) Details of the FamilyMart synergy were not Research Analyst

BofAS Japan

disclosed. The FY3/27 installation plan is expected to be capped at 500 ATMs, implying a +81 3 6225 8824

very gradual pace of earnings contribution. (3) FY3/27 recurring profit guidance of shinichiro.nakamura@bofa.com

¥29.5bn (YoY −¥0.6bn) remains on a declining earnings trend. Including an unchanged Yuji Kobayashi >> Research Analyst

DPS of ¥11, short-term appeal versus peers remains limited. Given that a full-fledged BofAS Japan

earnings recovery is expected only from FY3/28 onward, we maintain our investment +81yuji.kobayashi@bofa.com3 6225 8791

rating of Underperform. Management’s key messages are as follows: Taisei Okui >>

Research Analyst

(1) Probability of achieving the FY3/29 recurring profit target of ¥40bn (our BofAS Japan

forecast: ¥34.9bn): From FY3/26 recurring profit of ¥30.1bn, management cited +81taisei.okui@bofa.com3 6225 8947

earnings drivers including the bank parent business (domestic ATM operations—ATM fee

hikes assumed in FY3/28 and the FamilyMart synergy), US FCTI, and the turnaround of

Seven CS. We estimate the ATM fee hike at 4% and the FamilyMart synergy at slightly