Games, Internet, Services: Earnings Outlook (Apr-Jun): Discussion points ahead of Apr-Jun results

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Games, Internet, Services: Earnings Outlook (Apr-Jun): Discussion points ahead of Apr-Jun results

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

08 July 2026

Games, Internet, Services:

Earnings Outlook (Apr-Jun)

Discussion points ahead of Apr-Jun results

We expect Capcom, Konami, and Recruit Holdings to deliver strong Apr–Jun Japan Equity Research

quarter results. We also expect Bandai Namco HD to post a YoY decline in

Games, Internet, Services

operating profit, but see a high likelihood that it will beat the Bloomberg consensus

operating profit estimate of ¥42.6 billion. In console games, share price volatility Junko Yamamura AC

remains high due to sector rotation and other factors. If the AI-driven market moves (81-3) 6736-8644

junko.yamamura@jpmorgan.com

toward a collapse, we would expect popular names where the gap between share

Ryo Nakagawa

prices and fundamentals appears large, such as Capcom and Konami, to be (81-3) 6736-8643

preferred. In addition, Nintendo, where it is easy to imagine potential benefits from ryo.nakagawa@jpmorgan.com

a reversal in semiconductor prices, could outperform. In terms of fundamental JPMorgan Securities Japan Co., Ltd.

recovery, we focus on Bandai Namco HD and Oriental Land. In the internet sector,

our order of preference remains Recruit, then Mercari, and then CyberAgent even

heading into results.

• Capcom: We forecast 1Q operating profit of ¥33.3 billion, up 35.4% YoY and

above the Bloomberg consensus estimate of ¥27.1 billion. The main reasons

for our high operating profit growth forecast are (1) we see a high likelihood

that repeat sales of Resident Evil-related titles, which were strong in 4Q,

continued into 1Q; (2) sales of Pragmata are strong (we estimate 1Q unit sales