Equities

Nintendo

Bullish on Nintendo as the market misprices cyclical hardware margin compression as structural deterioration, while underappreciating the durability of its first-party intellectual property and debt-free balance sheet. The thesis is that accelerating software mix shift, Switch 2 momentum, and an upcoming film release create a convergence of earnings tailwinds within a single reporting cycle that the current price does not reflect.

Jinwoo Jung

Head of Equities & Head of Consumer

26 Mar 2026