Oracle Corporation Japan: May Q Results: Sales Growth Continues on AI/Cloud Demand; Margin Dip/In-Line Guidance Limit Near-Term Upside

研报英文原文证据摘录

Oracle Corporation Japan: May Q Results: Sales Growth Continues on AI/Cloud Demand; Margin Dip/In-Line Guidance Limit Near-Term Upside

Update

June 25, 2026 09:48 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MOracle Corporation Japan (4716) | Japan Luyuan Yang, CFA

Equity Analyst

May Q Results: Sales Growth Luyuan.Yang@morganstanleymufg.comTetsuro Tsusaka, CFA +81 3 6836-8423

Tetsuro.Tsusaka@morganstanleymufg.com +81 3 6836-8412

Continues on AI/Cloud Demand; Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

Margin Dip/In-Line Guidance

Limit Near-Term Upside

Reaction to earnings

Oracle Corporation Japan (4716.T, 4716 JT)

Unchanged In-line Largely unchanged IT & Software | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥10,000

Shr price, close (Jun 25, 2026) ¥8,223

F5/27 guidance: Sales +6-10% YoY, within market expectations. Capture of demand Mkt cap, curr, basic (bn) ¥1,053.8

Avg daily trading value (bn) ¥3.7

for AI and cloud applications (mainly OCI, AI Database), backed by the spread of AI,

and expanded deployment of sovereign cloud offerings are positioned as key

drivers.

May Q results: OP +1%, OPM 29% (-3ppt), below market expectations. Margin

contracted on increased restructuring-related labor costs and event costs.

May Q results: Sales +11%, Cloud sales +33%, broadly in line with expectations.

Growth was driven by increased cloud demand (mainly OCI), greater Fusion/

NetSuite adoption, and DX-related license demand.

Main surprises: Announced a ¥660/share special dividend, shortening the payout

cycle from three years to two.