SBIホールディングス (8473)：配当利回りの魅力は高まったと考える。OWを再強調

J.P. Morgan reiterates Overweight on SBI Holdings (8473) but cuts its December 2027 price target by 4% to JPY4,310 from JPY4,510. Following the company's November 2 briefing, which signaled a greater emphasis on dividend-based shareholder returns, the analyst switches valuation from a PER approach to a dividend yield approach: the target equals a 3.5% yield on FY2027E DPS and 5.3% on FY2028E DPS. Buyback forecasts are removed and DPS forecasts raised 42%, 39% and 88% for FY2026-28 to JPY141, JPY151 and JPY228. Adjusted pretax profit for the financial services business is cut 27% for FY2027 because the Ripple Labs monetization and subsequent reinvestment contribution is pushed back one year, while FY2028 is seen up 52% YoY. Even excluding Ripple upside, the shares look undervalued; a 4.0% yield on FY2027E DPS implies JPY3,780, or 33% upside from the November 9 close.