28 May 2025 | 3:33PM JST OBIC (4684.T) Neutral Raising GSe/TPs, but staying Neutral as lacks valuation appeal; ERP demand highly defensive, suggesting stable growth to continue | | | We update our earnings estimates for OBIC based on FY3/25 and 4Q (January-March) results (see our 4Q earnings report). We raise our FY3/26-FY3/27 operating profit estimates by 1%/2% (and introduce our FY3/28 estimates), mainly on the system support (SS) business, to reflect stronger-than-expected demand for cloud services (IaaS ...