T&D Holdings (8795)

研报英文原文证据摘录

T&D Holdings (8795)

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

23 June 2026

T&D Holdings (8795) Overweight

8795.T, 8795 JP

Moving to an Overweight rating and a ¥5,300 price Price (23 Jun 26):¥4,909

target from Not Rated Price Target (Dec-26):¥5,300

Following a period of restriction, we are moving to an Overweight rating and a Japan Equity Research

December 2026 price target of ¥5,300 (Overweight rating and December 2026

Insurance, Securities, Diversified

price target of ¥4,130 prior to restriction) from a Not Rated designation. The solid Financials

rise in the share price has pushed the adjusted profit-based P/E above its trailing AC Koki Sato

five-year average, but expectations for sustained dividend growth and the strong

(81-3) 6736-8609

visibility of this remain superior in the context of the Japanese insurance sector, and koki.sato@jpmorgan.com

we think valuations will likely rise as cost of capital comes down. Yuka Azami

• Earnings estimates: We forecast group adjusted profit of ¥172.6 billion in (81-3)yuka.azami@jpmorgan.com6736-8619

FY2026 (in line with guidance of ¥172 billion), ¥176.7 billion in FY2027 (+2% JPMorgan Securities Japan Co., Ltd.

YoY), and ¥187.9 billion (+6%) in FY2028. We estimate that income from

alternative assets and gains on the sale of securities could potentially lead to

divergence from our forecasts, but if such factors result in upside we believe Key Changes (FYE Mar)

this will probably be used to absorb losses on sales associated with yen bond Prev Cur Δ

Ordinary Profit - 28E (¥ bn) 262 247 -5.8%

rebalancing and downside risk in equity-method investment income. FY2027

profit growth looks low mainly because we factor in a decline in capital gains Style Exposure

at Daido Life Insurance (dropout of gains on the sale of Nürnberger