IT Services Sector: Earnings Outlook (Apr-Jun): Lagging stocks to take the stage after large-cap names

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IT Services Sector: Earnings Outlook (Apr-Jun): Lagging stocks to take the stage after large-cap names

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

07 July 2026

IT Services Sector: Earnings

Outlook (Apr-Jun)

Lagging stocks to take the stage after large-cap

names

We highlight our key stocks to watch for April-June results and outline our views Japan Equity Research

on FY2027 earnings and short-term catalysts. We believe concerns about AI

IT Services and Telecoms

disruption in the overall IT services sector, which have persisted since the

beginning of 2026, are finally subsiding. As our basic stance, we expect sentiment Matthew Henderson AC

to steadily improve for major systems integrators and consulting firms focused on (81-3) 6736-8831

matthew.henderson@jpmorgan.com

domestic business, and we look for a recovery in lagging stocks, such as mid-tier JPMorgan Securities Japan Co., Ltd.

systems integrators and SaaS companies, along with April-June results. We expect

only NS Solutions (2327, Neutral) to deliver an earnings surprise for the

upcoming results, but we also see upside risk at Otsuka Corporation (4768,

Underweight) in the form of earnings stronger than our expectations or a share

buyback announcement. Conversely, we anticipate negative market reactions for

Trend Micro (4704, Neutral) and NTT (9432, Neutral). For other stocks, we

advise caution regarding short-term surges in the share price and excessive

earnings expectations for Nomura Research Institute (4307, Overweight).

• NS Solutions (2327, Neutral): We forecast 1Q FY2026 sales of ¥97.9 billion

(+18.4% YoY; Bloomberg consensus estimate: ¥94.7 billion) and operating

profit of ¥10.0 billion (+17.9%; ¥9.3 billion), expecting progress to exceed 1H

guidance.