Koei Tecmo Holdings (3635.T): Q1 negative - results shy of consensus, few catalysts heading into July-September quarter

研报英文原文证据摘录

Koei Tecmo Holdings (3635.T): Q1 negative - results shy of consensus, few catalysts heading into July-September quarter

Flash |

27 Jul 2026 06:25:19 ET │ 10 pages

Koei Tecmo Holdings (3635.T)

Q1 negative - results shy of consensus, few catalysts heading into July-

September quarter

CITI'S TAKE Sell

Price (27 Jul 26 15:30) ¥1,596.0 April-June OP rose 51% YoY to ¥5.4bn but fell short of market consensus

Target price ¥1,300.0 (¥6.6bn). The shortfall versus market expectations stemmed from the

console business, where the earnings contributions of proprietary and Expected share price return -18.5%

collaborative titles failed to meet market expectations. The July- Expected dividend yield 3.7%

September quarter will likely continue to feature primarily repeat sales of Expected total return -14.8%

console games, making significant surprises versus consensus unlikely. Market Cap ¥533,203M

We believe share price catalysts through July-September remain scarce, US$3,254M

as Koei Tecmo’s major proprietary titles set to drive top-line expansion

and profit growth—Wo Long 2: Wings of Ember and Attack on Titan 3—are

scheduled for H2 launches.

Tokiya BabaAC

Implications — We expect the share price to react negatively as April-June results +81-3-6776-4618

came in below market expectations and share price catalysts for the July-September tokiya.baba@citi.com

quarter remain scarce. Koei Tecmo shares have recovered to the levels they were at

after April 27 full-year results on expectations for earnings contributions from a title

developed in collaboration with Nintendo (launched in March) and related DLC

(scheduled for an August release). The next key driver of the market take will likely be

sales trends for the related DLC.

Consol. Sales OP RP NP EPS PE