赛博特工公司（4751）：初步印象-运营利润超预期

Hiroko Sato * | Equity Analyst813 5251 6185 | hsato@jefferies.comKen Oiwa, CFA * | Equity Analyst+813 5251 6126 | koiwa@jefferies.comShunki Nakamura, CFA * | Equity Analyst+81(0)80 8120 7130 | snakamura@jefferies.comSource: Jefferies, Factset Table 1 - Q2FY9/25 Earnings Results - CA.(Unit: ¥mn)SalesMedia & IPGameInternet AdInvestment DevelopmentOPOP Margin (%)Media & IPGameInternet AdInvestment DevelopmentSource: Jefferies estimates, Company, FactsetPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionCyberAgent Inc.CyberAgent was established by Mr. Susumu Fujita and Mr. Yusuke Hidaka in 1998, with its focus on the internet industry. It was listed in theMothers section of Tokyo Stock Exchange in March 2000 and then moved to the First Section in September 2014. Starting as an internetadvertisement agency, CyberAgent has expanded its business horizon, and it conducts five businesses in the internet field: the Ameba business,the Internet advertising business, the game business, the media and other business, and the investment development business. CyberAgent’scorporate vision is “To create the 21st century's leading company,” and it aims to greatly influence consumers and individuals while at the sametime being a venture company, continuing to create significant growth.Company Valuation/RisksCyberAgent Inc.Our price target of ¥1,400 is based on SOTP and positions the stock at a premium to the sector. The PT represents a P/E 27.8x on FY9/26estimates. Downside risks: delayed release of new game titles and peak in AbemaTV's KPI. Upside risks: introduction of new hit game titles.Analyst Certification:I, Hiroko Sato, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ken Oiwa, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Shunki Nakamura, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Hiroko Sato is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Ken Oiwa, CFA is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Shunki Nakamura, CFA is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-