博报堂DY控股：6月季度业绩：符合全年计划，但表现参差不齐；日本业务稳健，海外业务转亏

研报英文原文证据摘录

M

Update

August 5, 2026 09:53 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Hakuhodo DY Holdings (2433) | Japan

Tetsuro Tsusaka, CFA

Equity Analyst

Jun Q Results: On Track for FullYear Plan, but Mixed; Japan

Solid, Overseas Slips to Loss

Luyuan Yang, CFA

Equity Analyst

Keiji Nishimura

Research Associate

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Hakuhodo DY Holdings (2433.T, 2433 JT)

Source: Company data, Morgan Stanley Research

Media | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Vs. forecasts: Both sales and profit broadly in line with forecasts. HDY's Jun Q

consolidated net sales rose 4% and adjusted OP increased 6%. Japan delivered

organic growth around +7%, while margin improvement drove strong profit growth.

By contrast, overseas sales declined in local-currency terms and the business fell to

Equal-weight

In-Line

¥1,100

¥1,190

¥427.1

¥1.0

a loss, so Jun Q results were mixed.

Earnings surprise: Weak overseas business. Adjusted OP was positive in every

quarter last year, raising hopes of a sustained exit from losses, but the segment

slipped back into the red in Jun Q.

Recommended action: Results unlikely to be a major share price mover. Earnings

remain on track to achieve full-year guidance.

Japan: Sales remained solid; TV revenues increased as advertising spending

recovered following a decline associated with a scandal at a Japanese

broadcaster, while internet sales also posted double-digit organic growth;

revenue growth accompanied by a favorable mix shift drove margin expansion

and double-digit profit growth. Sales +8% YoY; adjusted OP +16% YoY; OPM

24.9% (+160bp YoY).

Overseas: The segment swung to a loss as SG&A expenses increased amid a

decline in sales in local-currency terms. Sales +1.5% YoY; adjusted OP -¥1.6bn YoY;

OPM -3.9% (-640bp YoY).

Exhibit 1:

Summary

F3/27 1Q

(jpy mil)

Consol.

Net Revenue

OP

Non GAAP OP (w/o investment)

Non GAAP OPM (OP/GP)

Revenue by segment (w/o investment)

Domestic

Overseas

Non GAAP OP by segment (w/o investment)

…