Internet & Game, Media – Japan: Earnings Review: 4Q (Jan-Mar) – Stock selection advances across three sectors

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Internet & Game, Media – Japan: Earnings Review: 4Q (Jan-Mar) – Stock selection advances across three sectors

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Internet & Game, Media – Japan

Earnings Review: 4Q (Jan-Mar) – Stock

selection advances across three sectors

Earnings Review

Earnings overview: 4Q (Jan–Mar) - Selection of stocks 21 May 2026

with higher earnings growth visibility Equity

Japan

Across the three sectors, our summary of FY3/26 results highlights three names for Internet & Game, Media

which we maintain a bullish stance: Recruit Holdings, Capcom, and CyberAgent. Recruit

benefits from AI-driven pricing premiumization in HR Tech; Capcom continues to Yoshitaka Nagao >>

demonstrate strong monetization of core IP; and CyberAgent is seeing solid performance ResearchBofAS JapanAnalyst

across its three businesses. We believe earnings growth visibility has improved for all +81 3 6225 8501

yoshitaka.nagao@bofa.com

three. Nintendo’s medium-term growth story remains intact, supported by pricing power

Yusuke Noguchi >>

for Switch 2 and an expanded software lineup. On the other hand, we see points of Research Analyst

caution for Mercari, Bandai Namco Holdings, and Nexon. For Mercari, we would note BofAS Japan

yusuke.noguchi@bofa.com

uncertainty around the FY3/27 cost plan; for Bandai Namco, a back-end loaded earnings

Shinji Masuda >>

plan; and for Nexon, a slowdown in key titles. Research Analyst

BofAS Japan

Internet -upfront investment vs. earnings growth visibility shinji.masuda@bofa.com

This earnings season was a tug-of-war between medium-term upfront investment and

earnings growth visibility. Many companies showed improved visibility, including Recruit

with HR Tech pricing guided up 18% YoY, PayPay with operating leverage materializing,