Japan games & amusement sector: Meetings with overseas investors: Visit to Asian investors (June 2026)

Research evidence excerpt

Japan games & amusement sector: Meetings with overseas investors: Visit to Asian investors (June 2026)

Japan games & amusement sector: Meetings with Global Markets Research

overseas investors 29 June 2026

EQUITY: JAPAN GAMES & AMUSEMENT

Research Analysts

Visit to Asian investors (June 2026) Japan games & amusement

Naruhito Miki - NSC

Many investors bearish, but plenty of interest in meetings in anticipation naruhito.miki@nomura.com

of market changes +81 3 6703 1136

Majority of investors we met with in Hong Kong and Singapore were bearish

We visited Hong Kong and Singapore over 22–26 June and met with a total of 37

institutional investors. Many of the investors had a bearish stance towards the games &

amusement sector in view of new title launches running their course and the flow of funds

towards AI- and semiconductor-related stocks, but the meetings demonstrated notable

interest among investors about keeping abreast of developments in anticipation of market

changes. Q1 results are likely to be the primary catalyst in the near term, and many

investors were bullish on Konami Group [9766] (Buy) and Capcom [9697] (Buy) on

prospects for strong profit growth. Many investors also showed fresh interest in Cover

[5253] (Buy) ahead of the release of a mobile game. By contrast, many investors

expressed bearish views on Nintendo [7974] (Buy) and Oriental Land [4661] (Neutral).

Many investors bullish on Konami, Capcom, Cover

Many of the investors we spoke with about Konami Group expected the FIFA World Cup

to boost eFootball sales, although some were also concerned about a subsequent

fallback. In our view, most people will be concentrating on watching matches during the

World Cup, and any real demand for playing eFootball will come afterwards. We think