Sega Sammy HD (6460) Major title releases to resume from FY2026; selling power to be demonstrated subsequently

研报英文原文证据摘录

Sega Sammy HD (6460) Major title releases to resume from FY2026; selling power to be demonstrated subsequently

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

22 June 2026

Sega Sammy HD (6460) Overweight

6460.T, 6460 JP

Major title releases to resume from FY2026; selling Price (22 Jun 26):¥2,181

power to be demonstrated subsequently ▼Price Target (Dec-26):¥2,600 Prior (Dec-26):¥3,400

We lower our operating profit forecasts for FY2026 onward and our price target

from ¥3,400 to ¥2,600 (by end-2026). The downward revisions to our operating Japan Equity Research

profit forecasts for FY2027 and FY2028 are limited to 7-8%. We mainly we lower Games, Internet, Services

our price target due to the decline in the industry average P/E. We lower our AC Junko Yamamura

consumer business operating profit forecast for FY2026 by ¥4.5 billion, reflecting (81-3) 6736-8644

updates to our assumptions for major title release timing, but leave our forecasts junko.yamamura@jpmorgan.com

mostly unchanged for FY2027 onward. The main reasons for our downward Ryo Nakagawa

revisions for FY2027 onward include increased upfront investment costs in the (81-3) 6736-8643

gaming business (our estimate: around ¥3 billion). The stock has been weak owing ryo.nakagawa@jpmorgan.com

to unsuccessful M&A and delays in releasing new titles. However, we see limited JPMorgan Securities Japan Co., Ltd.

risk of additional M&A-related impairment losses and a rising certainty of major

title releases from 3Q FY2026 onward. The stock also still looks undervalued. We Key Changes (FYE Mar)

maintain our Overweight rating. Prev Cur Δ

Adj. EPS - 27E (¥) 193.76 167.27 -13.7%

• Lower price target mainly on lower industry average P/E: We expect

annualized operating profit to grow 18.9% in the entertainment content Style Exposure