The Point for Japan

研报英文原文证据摘录

The Point for Japan

Point |

Tuesday, 07 July 2026

Company | Industry | Fixed Income | FX | Key Rating and Target Price Changes

Company

Disco (6146.T) - Preliminary parent sales: Q1 parent shipments 5% ahead of

guidance but largely in line with expectations

Disco released preliminary Q1 (April-June) parent sales figures after the market

close today, July 6. Based on parent numbers, we estimate consolidated

shipments and consolidated revenue both topped guidance announced on April 22

by almost 10%, with consolidated shipments beating VA consensus by 5% while

consolidated revenue came in line. During the post-disclosure conference call, the

company was asked about the current status and outlook for production support

but declined to comment at this time. We believe Q1 parent numbers may have

been somewhat disappointing as some market participants expected shipments

to expand more strongly from Q1.

Masahiro Shibano

Nintendo (7974.T) - Still Buy: Few near-term catalysts, but Oct-Dec earnings

growth and FY3/28 profit growth potential attractive

The shares have traded 8% below pre-FY3/26 results levels (as of July 6 close)

since the May 8 announcement, driven chiefly by the exhaustion of catalysts after

the June 9 Nintendo Direct and renewed uncertainty in the hardware business due

to rising semiconductor memory prices. We believe surprises versus market

expectations are unlikely in Q1 results, and near-term share price momentum

recovery will take time. However, we expect the progress rate toward full-year

guidance to accelerate during the October-December holiday shopping season,

leading to a share price re-rating. We also see FY3/28 profit growth supported by a

robust software lineup driving genuine share price appreciation. We maintain our

Buy rating.

Tokiya Baba