Japan M&A brokerage industry

研报英文原文证据摘录

Japan M&A brokerage industry

Global Markets Research

14 July 2026Japan M&A brokerage industry

EQUITY: JAPAN SERVICES

Research Analysts

Points to watch in Apr–Jun 2026 results Japan small cap

Kiyoaki Suzuki - NSC

We favor companies with a virtuous cycle of recruitment, talent kiyoaki.suzuki@nomura.com

development, and retention +81 3 6703 1276

We continue to recommend M&A Capital Partners [6080] (Buy)

The three M&A brokerage companies under our coverage outperformed the TOPIX by 3%

on average over 1–10 July. However, we see no catalyst strong enough to push share

prices in the sector higher. If we had to identify a potential catalyst, expectations for an

increase in large deals could rise ahead of 2027 tax reforms. However, it remains unclear

at this stage whether the number of large deals will actually increase. Based on our

discussions with sector companies, we do not see a noteworthy increase in the number of

deals. At this stage, we think the most likely impact is that each company could close two

to three large deals worth JPY300mn–500mn by December.

We continue to recommend M&A Capital Partners. While rivals are reducing their

consultant headcounts, the company continues to perform well in terms of both

recruitment and retention. Junior consultants are making contributions to leading

indicators, deal closings, and also to large deals. We expect earnings growth to continue

from Q3 onward, further improving the company’s appeal. We believe the shares remain

undervalued relative to our earnings growth forecast.

Points to watch in Apr–Jun results at companies under our coverage

M&A Capital Partners [6080] (Buy): 26/9 Q3 results

We continue to forecast solid earnings and leading indicators. We estimate Q1–Q3 sales