BayCurrent (6532.T): Near-term earnings risk, need to determine long-term demand outlook

研报英文原文证据摘录

BayCurrent (6532.T): Near-term earnings risk, need to determine long-term demand outlook

Viewpoint |

28 Jul 2026 09:53:34 ET │ 14 pages

BayCurrent (6532.T)

Near-term earnings brisk, need to determine long-term demand

outlook

CITI'S TAKE

AI implementation and cybersecurity demand looks set to continue brisk for Buy

the next 2-3 years, firmly supporting near-term earnings at BayCurrent.

Furthermore, factoring in the full-scale implementation of AI beyond that Price (28 Jul 26 15:30) ¥7,186.0

timeframe, the consultant demand outlook is already taking shape. Target price ¥8,200.0↑

However, market concerns remain unchanged, and questions remain about

from ¥6,700.0whether long-term consultant headcount growth can adapt to business

structure changes brought by AI. We doubt the consultant market will Expected share price return 14.1%

shrink due to AI substitution and forecast sustained growth in the Japanese Expected dividend yield 1.8%

market. Accordingly, we maintain our Buy rating and raise our target price

Expected total return 15.9%to ¥8,200 from ¥6,700. However, for further share price gains, we believe

BayCurrent will need to continuously demonstrate its future growth Market Cap ¥1,063,538M

strategy and demand outlook. US$6,495M

AI & security —Near-term consultant demand looks set to be supported by

companies' PoC-stage AI implementation and the need for enhanced cybersecurity

due to increasing AI-powered hacking threats, which are already helping results. Price Performance

Considering required investment amounts and the need to secure and train security

(RIC: 6532.T, BB: 6532 JP)engineers, we think cybersecurity-related demand will likely continue for

approximately 2-3 years.

Q2 earnings outlook — Against this strong demand backdrop, we forecast