บทวิเคราะห์ (Research)

The September-quarter (2Q26) results signaled a powerful start to the Switch 2 cycle, with revenue reaching ¥527.2b (+13.3% vs consensus). Crucially, this momentum carried through the holiday shopping window. Despite channel checks indicating supply tightness, Switch 2 sell-through velocity remained robust through Black Friday. The successful December 4 launch of Metroid Prime 4 has further validated the software roadmap, de-risking the second half of FY26. Management’s raised guidance to 19m units appears achievable even with air-freight logistics pressure. Bloomberg consensus rates NINTENDO19 a BUY with a target price of THB 31.2 (¥14,848), and SONY80 a BUY with a target price of THB 5.5 (US$ 34.1). Following the sector-wide correction in early December driven by component cost fears, the implied upside for Nintendo has expanded significantly. We reiterate our conviction. Nintendo’s software-rich margin mix (now bolstered by the launch of Metroid Prime 4) provides a buffer against hardware cost inflation that the market is currently underestimating.