Capcom (9697.T): Q1 results positive, repeat sales of core IP continue to drive profits

研报英文原文证据摘录

Capcom (9697.T): Q1 results positive, repeat sales of core IP continue to drive profits

Flash |

28 Jul 2026 06:17:08 ET │ 10 pages

Capcom (9697.T)

Q1 results positive, repeat sales of core IP continue to drive profits

CITI'S TAKE

Buy Capcom’s April-June OP reached ¥41.0bn (+67% YoY), significantly

exceeding market consensus (¥29.0bn). Key upside drivers included Price (28 Jul 26 15:30) ¥3,529.0

strong initial sales of the new title Pragmata, released April 17 (2.51mn Target price ¥3,500.0

units), cumulative repeat sales of past titles (21.26mn units, +59% YoY), Expected share price return -0.8%

and recognition of ¥7.7bn in deferred revenue. Repeat sales were driven by Expected dividend yield 1.5%

core franchises, including Resident Evil, Devil May Cry, and Monster Expected total return 0.7%

Hunter. While OP progress versus full-year guidance reached 49.4%, the

Market Cap ¥1,476,236M company maintained its full-year forecasts. With Capcom’s growth drivers

US$9,015M remaining intact, we feel Capcom’s goal of OP growth exceeding +10%

every fiscal year has increased further.

Implications — Although investor expectations had risen ahead of the April-June Tokiya BabaAC

results announcement, actual results exceeded even these elevated expectations, +81-3-6776-4618

and we expect the stock price to react positively. While July-September offers tokiya.baba@citi.com

potential catalysts, including Onimusha Way of the Sword (scheduled for a

September 4 release) and the Resident Evil movie release (in the US on September 18

and in Japan on October 9), we believe earnings will accelerate further in H2, with

repeat sales building up during the holiday shopping season and proprietary titles

being launched.

Consol. Sales OP RP NP EPS PE