Konami Group (9766.T): Q1 positive - eFootball drives profit growth again, Jul-Sep visibility set to rise

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Konami Group (9766.T): Q1 positive - eFootball drives profit growth again, Jul-Sep visibility set to rise

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30 Jul 2026 06:47:40 ET │ 10 pages

Konami Group (9766.T)

Q1 positive - eFootball drives profit growth again, Jul-Sep visibility set to

rise

CITI'S TAKE Buy

Price (30 Jul 26 15:30) ¥21,840.0 April-June OP was ¥45.3bn (up 63% YoY), exceeding consensus (¥39bn).

Target price ¥21,000.0 Main upside drivers include profit growth from eFootball in the mobile

gaming business and the margin boost from accumulated repeat sales in Expected share price return -3.8%

the console gaming business. We expect eFootball's earnings Expected dividend yield 1.2%

contribution, supported by the June 11-July 19 global soccer tournament, Expected total return -2.6%

to continue into the July-September quarter, with tournament-related Market Cap ¥2,960,554M

content releases and major updates likely to fuel new user retention and US$18,118M

monetization. In the console gaming business, major series including

Metal Gear Solid and Silent Hill maintain strong momentum, with new

releases highlighting the games’ expanding sales footprint.

Tokiya BabaAC

Implications — We believe the stock will react positively to rising visibility on profit +81-3-6776-4618

growth in the mobile gaming business in July-September. Konami’s shares surged tokiya.baba@citi.com

on July 29 following strong results from peers on July 28, but fell 4% DoD on July 30,

highlighting the high recent volatility. While expectations for strong results may have

been partially priced in during this process, we believe the stock will continue to find

favor within the gaming sector given the company's strong prospects for near-term

profit growth.

Consol. Sales OP Pretax Profit NP EPS PE