Japan Research Pack: A Summary of Select Global Markets Research

Research evidence excerpt

Japan Research Pack: A Summary of Select Global Markets Research

Nomura | Japan Research Pack 22 July 2026

Virginia Wang - NSC

Steady earnings, stock is likely to stand out in defensive market

Swiss watch exports (June 2026) - Ongoing wealth effects, rebound in exports to Middle East too

Yu Okazaki - NSC

Sharp growth for mid-priced watches, market conditions remain favorable for Japanese watch manufacturers

Japan housing & real estate - Housing demand polarizing between high-priced and low-priced products

Daisuke Fukushima - NSC

Ongoing supply of high-priced city-center properties

Japanese Equity Research

Rigaku Holdings (268A JP) (Neutral) - Near-term share price reflects weak Q2 earnings (TP JPY 2,800→JPY 2,300, PRICE

as of 7/17/2026 JPY 2,266)

Takahiro Mori - NSC

We lower target price to ¥2,300, remain Neutral

AI industry update - Moonshot AI releases Kimi K3

Manabu Akizuki - NSC

Takes first step in post-transformer world with open-source, large-scale coding model

Cosmetics: June sales in Hainan Province - Tax-free sales up 2%, imports from Japan up 3.6x

Yuji Ohana - NSC

Apr–Jun tax-free sales in China at Japanese companies: Solid sales in Hainan Province, but overall performance hinges

on tax-free sales in mainland China

Japan economic perspective - Asia trip report, 13–17 July 2026

Kohei Okazaki - NSC

Equity investors' interest in GPIF is moderate

Japan small cap Research

U-Next Holdings (9418 JP) (Neutral) - Energy business headwinds expected to weigh on earnings (TP JPY 1,940, PRICE as

of 7/17/2026 JPY 1,678)

Ryohei Harahata - NSC

Tailwinds for financial business limited; awaiting new growth drivers

Quantitative Research

Nomura Quant Insights - Momentum crash: Margin trading risks, concern about end-July results releases, candidates for

reassessment after banks