Updating our target price: Potential uses of massive healthcare big data expanding with AI

研报英文原文证据摘录

Updating our target price: Potential uses of massive healthcare big data expanding with AI

Global Markets Research

15 June 2026JMDC

4483.T 4483 JP / EQUITY: JAPAN PHARMACEUTICALS

Updating our target price Rating Remains Buy

Potential uses of massive healthcare big data expanding with AI Target price

Reduced from JPY JPY 5,380

We reiterate our Buy rating, revise our DCF model assumptions 5,500

For our thoughts on earnings trends at JMDC, see our 11 May 2026 report on JMDC. In Closing price JPY 2,62827/3, through Q1, we expect the company to invest resources in the medical domain and 12 June 2026

incur upfront costs, including for AI investment, but we forecast ongoing solid growth in the

Implied upside +104.7%sales & marketing and R&D domains in the for industry business. JMDC is working to

enhance the quality and quantity of its data by working with major electronic medical

record vendors to obtain data and secondary usage authorization from local governments

Relative performance chartand to obtain hospital DPC data. We maintain our view that the company will be able to

expand its business by making use of AI on its vast data to broaden the number and types

of solutions it offers. We retain our earnings forecasts and other assumptions but revise

the risk-free rate assumption in our DCF model from 1.5% to 2.0% to take into account

higher interest rates. Accordingly, we revise our WACC assumption from 6.0% to 6.3%

and lower our DCF-derived target price to ¥5,380. We reiterate our Buy rating on the

stock.

Earnings outlook

In the near term, our focus is on the rebuilding of the medical domain, where the company

fell behind in 26/3. We expect the company to incur costs through Q1, including for

bolstering headcount and sales promotions, and expect its market share to start