Asia Essentials - 12 May 2026

研报英文原文证据摘录

Asia Essentials - 12 May 2026

Flashnote

11 May 2026

Media & Entertainment

Konami Japan

World Cup upside left untouched in guidance

Hiroshi

Yamashina

4Q26 beat, FY3/27 guidance conservative

• 4Q FY3/26 results: Sales growth +27.0% YOY and operational EBIT ¥41.8bn

beat Visible Alpha consensus (+16.1% YoY and ¥37.4bn respectively), mainly 9766 JP Outperform

Price (at 8 May 2026) YEN19,130

driven by eFootball. 12-month target YEN24,000

• FY3/27 guidance: sales ¥505bn (+2.3% YoY) and operational EBIT ¥150bn, 12-month TSR (%) 26.5

not including impacts from the FIFA World Cup in eFootball, are below Volatility Index Medium

Market Cap (Local) (m) 2,745,155

consensus (¥524bn and ¥163bn respectively). Market Cap (USD) (m) 17,526

Free Float (%) 67

30-day avg turnover (USD) (m) 64.6

Upside likely, driven by eFootball

Investment Fundamentals• Overall impression: Positive. We believe Konami typically issues

Year end 31 Mar 2025A 2026E 2027E 2028E conservative guidance; this was reiterated in the results call. Management Revenue (bn) 421.6 483.0 516.2 530.2

said FY27 guidance for eFootball is based on normalised growth, not Revenue growth (%) 17.0 14.6 6.9 2.7

incorporating upside impact from the FIFA World Cup. We thus see a strong EBIT (bn) 101.9 133.6 148.0 154.0

likelihood that eFootball earnings will beat guidance. EBIT growth (%) 27.0 31.0 10.8 4.1

Reported profit (bn) 74.7 97.4 108.8 113.4

• What we liked: (1) Upside potential from eFootball. FY3/27 guidance does Adjusted profit (bn) 74.7 97.4 108.8 113.4

not factor in any upside from the FIFA World Cup. We expect earnings in EPS rep [¥] 551.0 718.5 802.5 836.7

1H FY3/27 to spike on the World Cup and beat guidance. In 4Q26, growth EPS rep growth (%) 26.2 30.4 11.7 4.3

EPS adj [¥] 551.0 718.5 802.5 836.7