SHIFT (3697) 3Q results: Gross margin below our estimate; want to wait a little longer to see the results of the shift to AI native J P M O R G A N Asia Pacific Equity Research 15 July 2026 Slightly negative: 3Q operating profit of ¥4.5 billion was below our ¥4.8 billion estimate and the Bloomberg consensus estimate of ¥4.9 billion. The software testing services gross margin worsened further than we expected, with a decline in small projects apparently impacting the utilization rate temporarily (as the comp ...