Recruit Holdings (6098) Advent of new era of AI in global labor markets

研报英文原文证据摘录

Recruit Holdings (6098) Advent of new era of AI in global labor markets

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

08 June 2026

Recruit Holdings (6098) Overweight

6098.T, 6098 JP

Advent of new era of AI in global labor markets Price (08 Jun 26):¥10,755

▲Price Target (Dec-26):¥14,400

Prior (Dec-26):¥11,900

Recruit has begun to expand earnings by using AI ahead of global technology

peers. It provides AI-powered recommendation functions for users and high- Japan Equity Research

quality matching services for client companies, and cyclical growth is beginning Games, Internet, Services

to emerge on both sides. As of June 5, Recruit shares have risen 36% since the AC Junko Yamamura

FY2025 results announcement May 15 (TOPIX rose 2% over the same period), but (81-3) 6736-8644

we expect it to deliver a higher rate of growth in adjusted EBITDA over the medium junko.yamamura@jpmorgan.com

term than it did during the COVID-19 pandemic, when digitalization changed the Ryo Nakagawa

job search market. We believe a premium valuation versus Recruit's historical level (81-3) 6736-8643

and its peers is justified, and still see ample investment appeal. We raise our ryo.nakagawa@jpmorgan.com

adjusted EBITDA forecasts for FY2026 onward, increase our December 2026 JPMorgan Securities Japan Co., Ltd.

price target from ¥11,900 to ¥14,400, and reiterate our Overweight rating.

• Valuation above historical EV/EBITDA multiple is justifiable: We raise Key Changes (FYE Mar) Prev Cur Δ

our adjusted EBITDA forecasts for FY2026 onward and calculate our price Adj. EPS - 27E (¥) 410.04 424.02 3.4%

target using a DCF method covering FY2026-36. Our ¥14,400 price target Adj. EPS - 28E (¥) 510.03 543.72 6.6%

implies EV/EBITDA of 19.8x on our FY2026 adjusted EBITDA forecast of