Earnings model update: Hiring growth associated with AI utilization to peak in FY2026, but AI-related fixed costs still rising

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Earnings model update: Hiring growth associated with AI utilization to peak in FY2026, but AI-related fixed costs still rising

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

18 June 2026

JMDC (4483)

Earnings model update: Hiring growth associated Overweight

with AI utilization to peak in FY2026, but AI-related 4483.T, 4483 JP

fixed costs still rising Price (17 Jun 26):¥2,800

▼Price Target (Dec-26):¥3,900

Prior (Dec-26):¥4,800

We revise our earnings estimates and December 2026 price target from ¥4,800 to

¥3,900. We maintain our Overweight rating. We expect AI-related fixed costs to Japan Equity Research

rise and weigh on the operating margin, but we think the increase in HR investment Medical Technologies & Services

will be temporary, through 1H FY2027, and assume the operating margin will AC Naoko Saito

resume rising in FY2027 onward. We expect the stock to rebound around 4Q (81-3) 6736-8693

FY2026 if it can be confirmed that progress on hiring is smooth and that the naoko.saito@jpmorgan.com

company has not lost share to competitors in the For Industry business. Seiji Wakao, Ph.D.

(81-3) 6736-8612

• Earnings estimates: The main revisions to our estimates are (1) a ¥1.5 billion seiji.wakao@jpmorgan.com

increase in AI-related investment in FY2026, (2) a slight downward revision JPMorgan Securities Japan Co., Ltd.

to FY2026 data and DB revenue in the For Industry business, (3) a slight

downward revision to FY2026 consulting/analysis revenue in the For Industry

Key Changes (FYE Mar) business, and (4) an increase in AI system usage fees in FY2027 onward. In

Prev Cur Δ

FY2026, management plans to hire engineers to develop solutions utilizing AI, Adj. EPS - 27E (¥) 137.86 117.01 -15.1%

increase AI system usage, and expand hiring of data consultants. Management Adj.