Report published September 24, 2026
Japan Exchange Group (8697.T): After Second Upward Revision to Full-Year Guidance So Far in FY3/27, We Raise Our Target Price
Goldman Sachs · September 24, 2026
Goldman Sachs maintains a Buy rating on Japan Exchange Group (8697.T) and increases its 12-month target price from ¥2,700 to ¥2,720 after the company raised full-year FY3/27 guidance for the second time. The revision is supported by resilient cash equity average daily turnover and raised full-year DPS guidance of ¥82.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.JPX raised its FY3/27 full-year financial guidance for the second time, lifting cash equity ADTV guidance by +7.8% to ¥11 tn, operating revenue by +4.6% to ¥252.5 bn, and operating profit by +6.2% to ¥154.5 bn.
- 2.Goldman Sachs raised its 12-month target price on JPX to ¥2,720 from ¥2,700 and maintained a Buy rating, offering 19.6% upside from ¥2,274.
- 3.DPS guidance was increased from ¥77 to ¥82, keeping an 80% dividend payout ratio intact.
Table of Contents
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (¥ bn)
- Balance Sheet (¥ bn)
- Exhibit 1: Japan Exchange Group: Our new vs. old estimates
- Investment Thesis - Japan Exchange Group
- Price Target Risks and Methodology - Japan Exchange Group
Report data
Exhibit 1: Japan Exchange Group: Our new vs. old estimates — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12m Price Target | 2,720 JPY | Raised from ¥2,700 based on 25.07X 5Y average forward P/E on FY3/28 EPS |
| Current Share Price | 2,274 JPY | Closing share price on publication date |
| FY3/27 Cash Equities ADTV Guidance | 11.0 JPY trillion | Revised upward from previous guidance of ¥10.2 tn |
| FY3/27 Operating Revenue Guidance | 252.5 JPY billion | Revised upward from ¥241.5 bn |
| FY3/27 Operating Profit Guidance | 154.5 JPY billion | Revised upward from ¥145.5 bn |
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