Japan games and Internet: Recent sector discussion points and data points ahead of Apr-Jun results

研报英文原文证据摘录

Japan games and Internet: Recent sector discussion points and data points ahead of Apr-Jun results

Equity Research

18 July 2026 | 3:59AM JST

Japan games and Internet: Recent sector discussion points and data

points ahead of Apr-Jun results

Ahead of Apr-Jun results announcements, we summarize external data useful for Minami Munakata

+81(3)4587-9830 |

estimating Apr-Jun business conditions at each company, including minami.munakata@gs.com

Goldman Sachs Japan Co., Ltd.

Famitsu/VGChartz, Sensor Tower, and the Open Data for Digital Tourism Statistics,

Haruki Kubota

and then lay out the business environment and our views for the games, +81(3)4587-4059 |

entertainment, and internet sector. Based on these data points and recent haruki.kubota@gs.comGoldman Sachs Japan Co., Ltd.

announcements, we have revised down our earnings estimates for Nintendo.

Over the past two months, share prices of the 11 companies in our coverage have

risen by an average of 12%, outperforming TOPIX by an average of 10%. With

semiconductor-related stocks showing a stronger correction tone, we have the

impression that allocation to the games, entertainment, and internet sector is

progressing. However, buying interest in game platformers with negative exposure to

memory prices (Nintendo, Sony Group) has been limited, and investor interest

appears skewed toward (1) game publishers with solid earnings momentum and (2)

stocks for which the evolution of generative AI is understood to have a positive

impact (Recruit HD). From Apr-Jun results through 2H2026, we highlight our Buy on

Capcom among game publishers, Sony Group among platformers, and Recruit

HD among internet stocks from the perspectives of earnings momentum and

events. Looking ahead to FY3/28 and beyond, we believe Konami Group (Buy) is