Capcom (9697): Results: Positive – Profit growth drivers extend beyond existing titles

研报英文原文证据摘录

Capcom (9697): Results: Positive – Profit growth drivers extend beyond existing titles

Accessible version

Capcom (9697)

Results: Positive – Profit growth drivers

extend beyond existing titles

Reiterate Rating: BUY | PO: 4,700 JPY | Price: 3,296 JPY

Investment view: reiterate Buy with PO of ¥4,700 14 May 2026

We lower our PO from ¥4,900 to ¥4,700 while maintaining our Buy rating, reflecting our Equity

upward revision to earnings estimates and a lower applied multiple amid reduced risk

appetite for the content sector. Our PO is based on applying a 30.0x P/E (vs. 36.0x

Key Changespreviously) to our FY3/27 EPS estimate of ¥157 (vs. ¥137 previously). The applied

multiple represents a 30% premium (unchanged) to the FY26 average P/E of 23x (vs. 28x (¥) Previous Current

previously) for the game and content companies we cover. We apply this premium as we Price Obj. 4,900.00 4,700.00

expect the company’s EPS CAGR for FY3/28–FY3/29 to be approximately 15%, above 2027E Rev (m) 216,700.0 210,000.0

the cluster average of approximately 12%. 2028E Rev (m) 233,200.0 225,900.0

2029E Rev (m) 251,400.0 243,300.0

Results: Positive – strength in core franchises continues 2027E EPS 157.08 157.06

FY3/26 OP rose 14.5% YoY to ¥75.3bn, broadly in line with our estimate of ¥76.7bn. The 2028E EPS 175.01 182.40

key franchise Resident Evil Requiem sold 6.91mn units since its February launch, while 2029E EPS 194.13 207.74

catalog titles also saw renewed sales momentum. In addition, the new title Pragmata, 2027E EBITDA (m) 90,900.0 93,000.0

launched in April, has exceeded 2mn units. We view it positively that both new and 2028E EBITDA (m) 101,000.0 107,500.0

catalog titles are supporting earnings, demonstrating the sustainable earnings power of 2029E EBITDA (m) 111,900.0 122,100.0