2025-06-13-Jefferies-CyberAgent（4751）_MonotaRO（3064）_Mercari（4385）_将Mercari评级上调至买入_MonotaRO评级上调至持有_28页_1mb

Equity Research Summary: June 13, 2025

Key Changes

• Mercari (4385 JP): Upgraded to Buy from Hold, price target raised to ¥3,200 from ¥2,650.
• MonotaRO (3064 JP): Upgraded to Hold from Underperform, price target raised to ¥2,820 from ¥2,670.
• CyberAgent (4751 JP): Buy rating maintained, price target raised to ¥1,740 from ¥1,400.

Mercari Summary

Ratings & Targets: Buy, PT ¥3,200 (22.6x P/E on FY6/26 EPS of ¥141.7).
Reasons for Upgrade: Valuation is at a discount to peers, operational improvements expected in FY6/25 and FY6/26, Fintech business strengthening ecosystem.
Risks: Uncertain US GMV growth, potential competition from LY Corp, operating losses expected to shrink but remain significant, stretched resources.

MonotaRO Summary

Ratings & Targets: Hold, PT ¥2,820 (40x P/E on FY12/26 EPS of ¥70.5).
Reasons for Upgrade: Steady sales growth, high-quality stock with stable fundamentals, premium valuation justified by performance.
Risks: Exposure to auto industry, stock price may stay in P/E 40x-50x range, moderate earnings guidance risk.

CyberAgent Summary

Ratings & Targets: Buy, PT ¥1,740 (29.3x P/E on FY9/26 EPS of ¥59.5).
Reasons for Price Target Increase: SOTP analysis, multi-year growth story, strategic changes in Game, Media, and Internet Ad segments, AI investments expected to drive future revenue.
Risks: Internet Ad OPM may remain low due to AI investments, Abema monetization uncertain, game segment dependency.