Mitsubishi HC Capital (8593): 4Q FY3/26 result: FY3/27 Co.E NP flat YoY, broadly as expected

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Mitsubishi HC Capital (8593): 4Q FY3/26 result: FY3/27 Co.E NP flat YoY, broadly as expected

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Mitsubishi HC Capital (8593)

4Q FY3/26 result: FY3/27 Co.E NP flat YoY,

broadly as expected

Reiterate Rating: UNDERPERFORM | PO: 1,310 JPY | Price: 1,426 JPY

16 May 2026

FY3/27E net profit of ¥160.0bn is below BofAe’s ¥168.1bn Equity

FY3/26 NP of ¥162.2bn would be ¥139.4bn excluding the ¥22.8bn impact from changes

in the consolidation period for certain overseas subsidiaries, implying a 15% increase in

FY3/27. FY3/27 Co.E DPS is ¥51, below BofAe of ¥53. This is consistent with our view Key Changes

that near-term earnings growth will be gradual. We believe the shortfall versus our (¥) Previous Current

forecast reflects a softening in underlying profit relative to assets in Europe and the Price Obj. 1,380.00 1,310.00

Americas on a quarterly basis. We also infer that both the US and the UK are assuming 2027E EPS 117.07 112.43

credit loss ratios slightly above 2H FY3/26 levels. Our prior forecasts were not 2028E EPS 126.54 125.99

conservative enough and we revise our forecast in-line with management guidance. 2029E EPS 135.67 134.58

Earnings may continue to be materially affected by

disposal gains/losses, impairments and other one-offs NatsumuResearch AnalystTsujino, CFA >>

4Q also saw sizable special items. The company recorded ¥5.5bn in total gains from BofAS Japan natsumu.tsujino@bofa.com

three items: gains on the liquidation of a European subsidiary, and step acquisition gains

in environment and energy and in real estate. On the loss side, it booked a ¥9.0bn

provision related to the historical UK motor finance fee issue (¥2.5bn was also

recognized in 2Q), as well as ¥5.0bn in China restructuring costs. In aviation, it recorded Stock Data