May-Q Results: Mixed Takeaways — Strong Revenue Growth, but OPM Declined Due to Upfront Investment

研报英文原文证据摘录

May-Q Results: Mixed Takeaways — Strong Revenue Growth, but OPM Declined Due to Upfront Investment

Update

July 15, 2026 10:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MBaycurrent (6532) | Japan Luyuan Yang, CFA

Equity Analyst

May-Q Results: Mixed Luyuan.Yang@morganstanleymufg.comTetsuro Tsusaka, CFA +81 3 6836-8423

Tetsuro.Tsusaka@morganstanleymufg.com +81 3 6836-8412

Takeaways — Strong Revenue Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

Growth, but OPM Declined Due

to Upfront Investment

Reaction to earnings

Baycurrent (6532.T, 6532 JP)

Unchanged In-line Largely unchanged IT & Software | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥6,500

Shr price, close (Jul 15, 2026) ¥6,383

vs. Forecasts: Revenue +30% YoY, OP +19% YoY, OPM of 32.5% (-3ppt YoY). Mkt cap, curr, basic (bn) ¥969.3

Avg daily trading value (bn) ¥9.7

Revenue exceeded market expectations, supported by continued strong demand for

DX and AI projects. However, OP came in below expectations due to upfront

investments in hiring, employee training, and office expansion.

Earnings Surprise: Demand for DX and AI consulting remained robust, with both

project volume and billing rates continuing to grow strongly. However, costs

increased as the company maintained its growth investments, weighing on margins.

Recommended Action: Revenue growth, particularly higher billing rates, remained

robust, but OPM declined due to upfront investment. With 2Q profitability likely to

remain around 1Q levels or decline slightly, the stock may face near-term pressure.

Key KPIs: No.