IT Services Sector: Earnings model updates: NS Solutions, TISI, BIPROGY

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IT Services Sector: Earnings model updates: NS Solutions, TISI, BIPROGY

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

07 July 2026

IT Services Sector

Earnings model updates: NS Solutions, TISI, BIPROGY

We update our earnings models to reflect FY2025 results and current trends. Japan Equity Research

• NS Solutions: We fine tune our earnings estimates, change our price target IT Services and Telecoms

timeframe from end-2026 to end-2027, and maintain our price target of ¥3,800. Matthew Henderson AC

With FY2026 being the second year of the three-year medium-term plan (81-3) 6736-8831

(MTP) ending in FY2027, the market’s focus is on whether FY2027 operating matthew.henderson@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

profit can reach guidance (¥60 billion including M&A effects, ¥53 billion

without). We estimate FY2027 operating profit of ¥53.8 billion (Bloomberg

consensus estimate: ¥51.4 billion). We think the company is very likely to

sustain strong earnings and keep SG&A expenses under control in FY2027

onward. We think the likelihood of a restructuring involving activist investor

3D Investment Partners Ltd. (3D), which has maintained a large stake in the

company since around October 2024, is low for now and prefer to focus on

fundamentals. We estimate three-year CAGRs for FY2026-28 of 7.3% for

sales, 9.5% for operating profit, and 9.1% for EPS. We think valuations are

generally fair relative to our earnings estimates and thus maintain our Neutral

rating.

• TISI: We raise our earnings estimates, change our price target timeframe from

end-2026 to end-2027, and raise our price target from ¥3,300 to ¥3,600. We

expect results to generally meet targets for FY2026, the final year of the MTP.

We think market attention will gradually shift to the next MTP, which we do