27/3 Q1 results: Ahead of our forecasts on strong contributions from eFootball

研报英文原文证据摘录

27/3 Q1 results: Ahead of our forecasts on strong contributions from eFootball

Global Markets Research

30 July 2026Konami Group

9766.T 9766 JP / EQUITY: JAPAN GAMES & AMUSEMENT

Rating27/3 Q1 results: Ahead of our forecasts on strong

Remains Buycontributions from eFootball

Target price

Prospect of contributions from card games, which have a strong lineup, in Increased from 22,500 JPY 26,000

addition to eFootball, in Q2

Closing price JPY 21,840We reiterate our Buy rating, expect eFootball to stay strong and card games to 30 July 2026

perform well in Q2

Konami Group reported 27/3 Q1 (Apr–Jun) operating profits of ¥45.3bn, well in excess of Implied upside +19.0%

our forecast of ¥38.1bn and the 23 July QUICK consensus forecast of ¥38.4bn. Our

impression is positive. This was mainly due to contributions from eFootball, which got a

boost from the FIFA World Cup and collaborations with third-party IP. We sharply raise our

Q2 profit forecasts to reflect a major scheduled update to eFootball and the strong lineup Relative performance chart

of card games. We also raise our forecasts for 28/3 onwards to reflect prospects for higher

eFootball sales. We lower the premium we apply from 20% to 15% as we expect medium-

term EPS CAGR to fall slightly as profit levels rise in 27/3. However, we raise our target

price to ¥26,000 to reflect the rise in the benchmark P/E and the upward revision to our

27/3 EPS forecast.

Main points in results

(1) Mobile games: Q1 business profits of ¥32.7bn beat our forecast of ¥28.6bn. There

were strong contributions from eFootball thanks to collaborations with Naruto and the

boost from the FIFA World Cup. In July, the company added players that performed well at

the World Cup to the loot box system, and in August, it plans to carry out a major update.