RAKUS: Mar Q Results: Earnings Remain Solid, but Guidance and New MTP Were Largely as Expected

研报英文原文证据摘录

RAKUS: Mar Q Results: Earnings Remain Solid, but Guidance and New MTP Were Largely as Expected

Update

May 14, 2026 12:36 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MRAKUS (3923) | Japan Luyuan Yang, CFA

Equity Analyst

Mar Q Results: Earnings Remain Luyuan.Yang@morganstanleymufg.comTetsuro Tsusaka, CFA +81 3 6836-8423

Tetsuro.Tsusaka@morganstanleymufg.com +81 3 6836-8412

Solid, but Guidance and New Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

MTP Were Largely as Expected

RAKUS (3923.T, 3923 JP)

IT & Software | Japan

Reaction to earnings

Stock Rating Equal-weight

Unchanged In-line Largely unchanged Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥800

consensus EPS Shr price, close (May 14, 2026) ¥847

Mkt cap, curr, basic (bn) ¥305.3

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥3.1

F3/27 guidance: OP +18% YoY, OPM +34% YoY (+6ppt YoY), revenue -1% YoY.

Revenue guidance came in slightly below market expectations, while profit guidance

was broadly in line. The cloud business is entering a more stable growth phase, with

margin improvement expected through lower advertising expenses despite higher

personnel costs.

Earnings surprise: Performance remains solid despite the cloud market entering a

more mature phase. Rakuraku Seisan remained resilient through sales execution,

while competition in Rakuraku Meisai continues to intensify. QoQ pricing for both

core products declined slightly in 4Q.

Recommended action: Earnings continue to trend steadily. However, with no major

surprises in guidance and new MTP —and no quantitative targets related to GenAI

—the recently weak share price may struggle to recover in the near term.