Jun Q Results: Solid Revenue and Earnings Growth; Margin Expansion Continues

研报英文原文证据摘录

Jun Q Results: Solid Revenue and Earnings Growth; Margin Expansion Continues

Update

July 22, 2026 08:38 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MOBIC (4684) | Japan Luyuan Yang, CFA

Equity Analyst

Jun Q Results: Solid Revenue Luyuan.Yang@morganstanleymufg.comTetsuro Tsusaka, CFA +81 3 6836-8423

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

and Earnings Growth; Margin Keiji Nishimura

Research Associate

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

Expansion Continues

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

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

consensus EPS OBIC (4684.T, 4684 JP)

Source: Company data, Morgan Stanley Research IT & Software | Japan

Stock Rating Equal-weight

OP: +16% YoY, slightly above consensus. Progress toward full-year guidance remains Industry View In-Line

on track. Profit growth was supported by higher revenue, while operating margin Price target ¥4,500

Shr price, close (Jul 22, 2026) ¥4,176

improved by approximately 1.5ppt YoY. Mkt cap, curr, basic (bn) ¥1,809.6

Avg daily trading value (bn) ¥6.9

Earnings Surprise: Both revenue and earnings modestly exceeded market

expectations. Operating margin continued to improve, reflecting stronger

profitability.

Recommended Action: Stable earnings growth continues. Expansion of high-value

cloud services, together with further efficiency gains, should support additional

margin improvement. Overall, the results should provide support for the share price.

Revenue: +13% YoY. The System Support business maintained strong growth in

cloud services, while the System Integration business benefited from continued

project wins among large and mid-sized enterprises, driving overall revenue growth.

Exhibit 1: Summary