Nomura Tech Monthly: July 2026

研报英文原文证据摘录

Nomura Tech Monthly: July 2026

ns include Sony Group, Fujifilm Holdings,

Canon

Although consumer electronics companies are facing cost pressures, such as surging

memory prices, they have not been forced to halt production due to product shortages.

We forecast solid earnings across the board thanks to proactive steps to pass higher

costs on to prices, a boost from the weak yen, and lower US tariff rates. On the demand

side, the AI and data center-related boom continues, sales of discretionary items such as

cameras and watches remain robust, and even the previously sluggish musical instrument

segment is showing signs of bottoming out. When selecting stocks in the consumer

electronics sector, which includes many highly diversified companies, we still think it is

important to assess the business portfolio strategies of individual companies. We

recommend: Fujifilm Holdings, which has been developing its business portfolio strategy

based on proprietary technologies it has built up in photographic film; Sony Group, which

has been reinforcing its position as a platform provider within the entertainment industry;

and Canon on the prospect of stable cash generation from printers and cameras.

SPE: Large-scale investment in South Korea likely to be implemented flexibly in

practice

Share prices have remained volatile, partly because of various AI-related news flows. One

sector-specific talking point for the markets aside from AI sentiment has been the longer-

term large-scale investment plans in South Korea that Samsung Electronics and SK Hynix

announced on 29 June as part of the South Korean government's three flagship

megaprojects. Semiconductor-related investment at the two companies exceeds

KRW3,500trn, which we view as a prima facie positive for SPE demand, but there has