PHC Holdings (6523): In line results; awaiting emerging drivers

研报英文原文证据摘录

PHC Holdings (6523): In line results; awaiting emerging drivers

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PHC Holdings (6523)

In line results; awaiting emerging drivers

Maintain Rating: NEUTRAL | PO: 1,100 JPY | Price: 952 JPY

13 May 2026

FY3/27 OP guidance of ¥27bn broadly in line Equity

The company released FY3/26 full-year results after the close on the 13th and held an

earnings call. FY3/26 revenue rose 1% YoY and operating profit increased 0.5% YoY; Kei Takeuchi >>

Research Analyst

operating profit of ¥22.7bn beat consensus by 8%. FY3/27 operating profit guidance of BofAS Japan

¥27.0bn matches our forecast. It missed consensus of ¥28.5bn by 5%, but given the +81 3 6225 8104 kei.takeuchi@bofa.com

conservative FX assumptions (USD/JPY 145, EUR/JPY 165), the effective shortfall likely

Ritsuo Watanabe >>

narrows to around ¥0.5bn. Overall, the results look broadly in line. Research Analyst

BofAS Japan

That said, net profit in FY3/26 came in at ¥0.5bn, below the company’s ¥2.0bn guidance, +81ritsuo.watanabe@bofa.com3 6225 6259

owing to higher income tax expense associated with capital repayments from other

subsidiaries, among other factors. In FY3/26 2Q and 3Q, the company’s net profit

guidance cuts, driven by an increase in FX valuation losses on borrowings, were viewed

Stock Datanegatively.

No new takeaways from MTP progress review PricePrice Objective 1,100952 JPYJPY

Management used the call to review progress on initiatives under the medium-term plan Date Established 1-May-2026

(MTP). While the restructuring continues to progress steadily, there were no new Investment Opinion B-2-8

catalysts, and the ongoing lack of earnings drivers remains the key issue. Fundamentals 52-Week Range 856-1,189 JPY