Japan consumer electronics sector: Key points to watch ahead of Apr-Jun results announcements

研报英文原文证据摘录

Japan consumer electronics sector: Key points to watch ahead of Apr-Jun results announcements

Global Markets Research

Japan consumer electronics sector 16 July 2026

EQUITY: JAPAN CONSUMER ELECTRONICS

Key points to watch ahead of Apr–Jun results Research Analysts

announcements Japan consumer electronics Yu Okazaki - NSC

We focus on data center-related demand that is still outside the spotlight, yu.okazaki@nomura.com

look for shift to areas other than AI and semiconductors +81 3 6703 1210

We estimate that performance in Apr–Jun 2026 was solid, as although memory prices and

other costs have been rising sharply, companies have been taking a proactive stance on

passing these onto prices, and we also see positives in the form of the weaker yen and

lower US tariffs. Nevertheless, sector companies have been underperforming the TOPIX

markedly owing to the popularity of AI data center-related stocks. Interest in

semiconductor materials at Fujifilm Holdings [4901] and crystal devices at Seiko Epson

[6724] does not look to have risen sufficiently despite major benefits from AI data centers.

We think stock market participants will once again focus on Sony Group's [6758] growth

potential, particularly in entertainment, and Canon's [7751] shift to a greater focus on

capital efficiency as interest in areas other than AI and semiconductors gradually

recovers.

Fujifilm Holdings [4901] (Buy): Semiconductor materials and cameras perform well

Sales of semiconductor materials CMP slurry and photosensitive polyimides for advanced

processes have been rising. Sales of hobby-oriented digital cameras and instant cameras

have also remained strong. We expect losses at the bio CDMO business to have

widened, but this is in line with guidance. Meanwhile, the price of silver has fallen to