KONAMI GROUP (9766) World Cup and subsequent growth potential to be key topics for fundamental valuation increase

研报英文原文证据摘录

KONAMI GROUP (9766) World Cup and subsequent growth potential to be key topics for fundamental valuation increase

J P M O R G A N Asia Pacific Equity Research

28 May 2026

KONAMI GROUP (9766) Overweight

9766.T, 9766 JP

World Cup and subsequent growth potential to be key Price (27 May 26):¥19,790

topics for fundamental valuation increase ▼Price Target (Dec-26):¥25,700 Prior (Dec-26):¥26,200

We forecast eFootball sales growth rates of 88.1% and 64.7% YoY, respectively,

in 1Q and 2Q, when the World Cup will be held. However, for a fundamental Japan Equity Research

increase in valuation, we expect whether this title can maintain double-digit YoY Games, Internet, Services

sales growth rates after the event and growth in the scale of home video game AC Junko Yamamura

operating profit to become key topics of discussion. We expect Konami Group’s (81-3) 6736-8644

operating profit in FY2030 (¥263.8 billion) to be the third highest in the sector, after junko.yamamura@jpmorgan.com

Nintendo and Bandai Namco Holdings. We raise our estimates for items including Ryo Nakagawa

upfront costs, slightly lower our business profit estimates for FY2026 onward, and (81-3) 6736-8643

cut our price target from ¥26,200 to ¥25,700, but our general view is unchanged. ryo.nakagawa@jpmorgan.com

We maintain our Overweight rating. JPMorgan Securities Japan Co., Ltd.

• Raising estimates for upfront costs: We slightly lower our business profit Style Exposure estimates for FY2026 onward, and this is almost entirely due to an increase in

digital entertainment segment common costs. Konami is strengthening its

marketing team in part to grow home video game sales. We also newly factor

in depreciation for Konami Creative Front Tokyo Bay. However, we view these