OBIC Business Consultant (4733) 1Q results briefing: Plans price revisions for Bugyo-cloud starting October

研报英文原文证据摘录

OBIC Business Consultant (4733) 1Q results briefing: Plans price revisions for Bugyo-cloud starting October

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

23 July 2026

OBIC Business Consultant (4733) Overweight

4733.T, 4733 JP

1Q results briefing: Plans price revisions for Bugyo- Price (22 Jul 26):¥6,840

cloud starting October Price Target (Dec-26):¥8,500

The company held a 1Q results briefing at 13:00 Japan time on July 23 (results were Japan Equity Research

announced on July 22). The surprise was the announcement of price adjustments

IT Services and Telecoms

for some Bugyo cloud and Edge series products (for small-scale operators,

excluding V-ERP) starting in October, which is not included in current plans. The Matthew Henderson AC

company commented that the impact of price increases (effective for new (81-3) 6736-8831

matthew.henderson@jpmorgan.com

customers starting in October and for existing customers starting in January 2027) JPMorgan Securities Japan Co., Ltd.

is expected to boost existing ARR by approximately 15%. Management also noted

that the impact on FY2026 results will be minimal, while the impact on FY2027

appears to be significant. Our current forecasts include a 10% price revision from

April 2027 (we expected a gradual increase in cloud ARPU due to one-year

contracts), and as we believe this impact is not factored into the Bloomberg

consensus estimate (excluding the price increase from our forecast brings the

figure in line with the Bloomberg consensus), we think the probability of the

Bloomberg consensus estimate rising has increased. Also, we cannot discount the

possibility that the October price increase could accelerate the migration from

Bugyo 11 to cloud in 2Q due to last-minute demand. For now, we can envision a