CyberAgent: Revising our forecasts

研报英文原文证据摘录

CyberAgent: Revising our forecasts

Global Markets Research

29 June 2026CyberAgent

4751.T 4751 JP / EQUITY: JAPAN INTERNET

RatingRevising our forecasts Remains Buy

Target price JPY 2,000We remain bullish, expect solid profit growth and progress in Remains

strengthening IP business

Closing price JPY 1,299.5We reiterate our Buy rating, with strong earnings making stock look increasingly 26 June 2026

undervalued after fall along with overall sectors

We update our earnings forecasts for 26/9 onward and reiterate our Buy rating. We see improved Implied upside +53.9%

prospects for medium-term profit growth owing to increasing profits at Abema and Winticket, moves

to strengthen the IP pipeline, overseas expansion of the game business, and a return to growth for

the internet advertisement business. The stock nonetheless has fallen along with the game and IP

sectors as a whole, leaving it looking increasingly undervalued . We anticipate solid profits in 26/9 H2 Relative performance chart

also, and forecast operating profits of ¥86.3bn for 26/9 (versus the ¥60.0bn high end of the guidance

range) and ¥87.2bn for 27/9.

IP and game businesses: Management focused on producing global hits

CyberAgent has been focusing on producing, developing, and marketing new IP and games tailored

to overseas markets. The first season of the Kagurabachi TV anime series is scheduled to air around

the world from summer 2026, and hololive Dreams is slated for a worldwide simultaneous release

(we assume it will be in Jul–Aug). We think the view of CyberAgent as deriving its earnings growth

mainly from Japan could gradually change as the company amasses a number of hit global titles (we

see the weighting of overseas game sales rising to around 20% in 26/9 H1, from about 10% in 25/9).