The Point for Japan

研报英文原文证据摘录

The Point for Japan

Point |

Thursday, 23 July 2026

Today's Results | Company | FX | Key Rating and Target Price Changes

Today's Results

Obic (4684.T) - Q1 results - Positive. Cloud revenue growth accelerating, AI

utilization boosting the gross margin

April-June OP exceeded consensus and the Nikkei preview, creating a positive

impression with AI utilization and cloud revenue growth both accelerating. April-

June OP reached ¥24.9bn (YoY +16%), beating consensus (¥23.9bn) and the

Nikkei's ¥24.0bn projection. Key drivers include: 1) strong system integration (SI)

demand, with large enterprises, in particular, driving revenue growth, while AI

utilization progressed, significantly improving the GPM and OPM; 2) system

services (SS) cloud revenue growth accelerated on the back of SI revenue growth

acceleration, improving profitability. Obic's advancing AI utilization progress is

emerging earlier than expected. We believe this trend will likely continue from July-

September .

Moriya Koketsu

Obic Business Consultants (4733.T) - Q1 results: Positive. Gross margin

exceeded expectations, cloud growth momentum remains strong

With OP beating consensus, Q1 results leave a positive impression. Surprisingly,

cloud subscriber numbers showed strong growth in both new and switching

customers. Q1 OP was up 18% YoY to ¥6.6bn, beating consensus (¥6.2bn). The

beat was driven by 1) stronger-than-expected growth in SaaS system subscribers

(+6,798 systems QoQ) and 2) upside in instructor guidance fee revenue, which was

strengthened by new user growth effects and pre-price-hike demand. SaaS

system subscriber growth reflected switching from on-premise systems scheduled

for maintenance termination, as well as demand from lease accounting standard

changes and government security requirement updates.