The Point for Japan

Citi Research's Japan daily publication summarizes previously published research notes across Japanese equities and fixed income. Company section: Bandai Namco Holdings (7832.T) - Maintaining Buy, as we like the sustained profit growth in toys and hobby; the segment's profit growth substantially exceeded market expectations, supported by strong sales of adult-oriented products such as Gunpla and trading cards, though marquee digital titles in H2 are limited; the depth of the IP-centered business portfolio supports stable profit growth even in the AI era. Shimano (7309.T) - first HQ visit in seven years; bicycle industry data mixed with August sales at Giant up 3% YoY but Merida down 21%; Q3 guidance of ¥93.0bn (+10% YoY, -1% QoQ), with FX assumptions of ¥185/€, ¥160/$, $3.96/MYR and $1.27/SGD. Otsuka Holdings (4578.T) - strong first-line REZILIENT3 data for Zipalertinib in Exon-20-mutation lung cancer presented at WCLC;