BayCurrent (6532.T): Q1 results - In line. Recruitment and training expenses up, but consultant unit prices and utilization stronger than expected

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BayCurrent (6532.T): Q1 results - In line. Recruitment and training expenses up, but consultant unit prices and utilization stronger than expected

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15 Jul 2026 07:22:32 ET │ 9 pages

BayCurrent (6532.T)

Q1 results - In line. Recruitment and training expenses up, but

consultant unit prices and utilization stronger than expected

CITI'S TAKE Buy

Price (15 Jul 26 15:30) ¥6,383.0 Q1 results tallied with consensus, as while consultant unit prices and

Target price ¥6,700.0 utilization rates exceeded expectations, SG&A expenses including

recruitment costs overshot. Unsurprisingly, Q1 OP was up 19% YoY to Expected share price return 5.0%

¥14.5bn, which tallies with the ¥14.4bn consensus. Looking at KPIs, the Expected dividend yield 2.0%

period-end consultant count stood at 5,676 (YoY +906), with growth Expected total return 7.0%

rates moderating due to the impact of field-to-headquarters consultant Market Cap ¥942,688M

transfers. The average consultant unit price in Q1 was ¥2.89mn (+5.9% US$5,842M

YoY) and utilization was 86.7% (+2.4ppt YoY), trending favorably helped

by themes like AI and defense/security. However, SG&A expenses rose

65% YoY mainly due to recruitment and training costs, so OP finished in

line with consensus. BayCurrent also today confirmed no fall-off in Moriya KoketsuAC

software investment, which had been a concern coming into today’s +81-3-6776-8304

announcement. moriya.koketsu@citi.com

Implications — The share price had fallen significantly just before today’s release on

concerns about declining software investment. However, according to the

company's comments today, investment levels are not declining, and earnings are

trending well. However, SG&A expenses increased more than expected, and overall