TISI (3626) Management meeting takeaways

研报英文原文证据摘录

TISI (3626) Management meeting takeaways

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

03 July 2026

TISI (3626) Neutral

3626.T, 3626 JP

Management meeting takeaways Price (02 Jul 26):¥3,288

Price Target (Dec-26):¥3,300

TISI held a meeting for sell-side analysts on July 2 to discuss its AI strategy, Japan Equity Research

cybersecurity, and the effects of its merger with Intec. Regarding AI, management

IT Services and Telecoms

said the company has already finished integrating AI into its development platform

and plans to use AI in principle for all new development projects. Management is Matthew Henderson AC

cautious on whether AI will quickly lead to cost reductions or profitability (81-3) 6736-8831

matthew.henderson@jpmorgan.com

improvement. This view is in line with ours. Breaking away from the traditional JPMorgan Securities Japan Co., Ltd.

pricing practice based on person-hour estimates is not easy, and with competitors

similarly introducing AI, our impression is that management is adopting a strategy

of differentiation by strengthening upstream processes for now.

• SI business outlook: On business positioning, management said that systems

integrators’ fates will be determined by how much of clients’ infrastructure

systems they can control, and it intends to capture demand for collaborative

business through FDEs (forward deployed engineers) over the next few years.

Management explained that cybersecurity generates annual revenue of about

¥10 billion and is highly profitable, mainly in the consulting area. However,

management also said that an inability to fully guarantee against client

vulnerabilities makes it difficult to design cybersecurity contracts.

• Merger synergies: Management highlighted merger synergies between TIS