Credit Saison (8253): Difficult to map out a new growth story, downgrade to Neutral

研报英文原文证据摘录

Credit Saison (8253): Difficult to map out a new growth story, downgrade to Neutral

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

13 July 2026

Credit Saison (8253) ▼Neutral

Previous: Overweight

Difficult to map out a new growth story, downgrade to 8253.T, 8253 JP

Price (13 Jul 26):¥4,663

Neutral Price Target (Dec-27):¥5,000

We maintain our December 2027 price target of ¥5,000 (previously through Japan Equity Research

December 2026), but downgrade our rating to Neutral from Overweight as there

Insurance, Securities, Diversified

is less potential upside to our price target. Our prior Overweight rating on the stock Financials

was premised on a faster pace of profitability improvement than initially targeted

Koki Sato ACunder the current MTP, a portfolio that is resilient against higher interest rates, and

(81-3) 6736-8609

the stock’s low valuation in absolute terms. Although our views in this regard are koki.sato@jpmorgan.com

largely unchanged, we downgrade our rating mainly as we find it somewhat

Yuka Azami

difficult to map out a new growth story under the next MTP from FY2027. We (81-3) 6736-8619

currently see no signs that shareholder returns will rise, and think investors’ interest yuka.azami@jpmorgan.com

in consumer credit business is unlikely to pick up in the near future as they focus JPMorgan Securities Japan Co., Ltd.

on rising interest rates.

• Awaiting a new growth story: Management commented at the May briefing Key Changes (FYE Mar)

that Credit Saison is aiming to add on banking and securities functions through Prev Cur Δ

Adj. EPS - 27E (¥) 560.75 541.70 -3.4%

alliances and M&A activity. We interpret this as reflecting management’s Adj. EPS - 28E (¥) 633.49 569.49 -10.1%

recognition that earnings base diversification is becoming increasingly