Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Sourcing memory at the old prices has become difficult, leading to Nintendo's announcement that Switch 2 would be priced higher as of September 2026.</li>
<li>With Nintendo projecting game sales to grow in importance over hardware sales by 2027, DEC 26 and MAR27 are examined as key cyclical maturities.</li>
<li>Monitoring the dual factors of sales and costs, it may be possible to put on a strategic Nintendo options trade from here.  </li>
</ul>


Sourcing memory at the old prices has become difficult, leading to Nintendo's announcement that Switch 2 would be priced higher as of September 2026.
With Nintendo projecting game sales to grow in importance over hardware sales by 2027, DEC 26 and MAR27 are examined as key cyclical maturities.
Monitoring the dual factors of sales and costs, it may be possible to put on a strategic Nintendo options trade from here.  


Nintendo's Switch 2 Soon Pricing Higher:  Replay the Level With Call Options?

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Q1 FY27 operating profit BEAT consensus convincingly, while maintaining guidance it has beaten by 41% in the last comparable year — yet the stock sits 46% below its peak.</li>
<li>Digital software is 61.5% of sales, up from 30% three years ago; ¥1,707 of net cash per share — 21% of the price — goes unrewarded by the market.</li>
<li>We initiate with BULLISH stance and 12-month FV of ¥9,500, based on 35x FY27E management guidance EPS of ¥268.90.</li>
</ul>


Q1 FY27 operating profit BEAT consensus convincingly, while maintaining guidance it has beaten by 41% in the last comparable year — yet the stock sits 46% below its peak.
Digital software is 61.5% of sales, up from 30% three years ago; ¥1,707 of net cash per share — 21% of the price — goes unrewarded by the market.
We initiate with BULLISH stance and 12-month FV of ¥9,500, based on 35x FY27E management guidance EPS of ¥268.90.


Nintendo (7974 JP): The Hardware Discount Is Mispricing a Software Franchise

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul>
<li>
<p>Video game developer with Switch 2 catalyst trading at 17.7x FY2028e P/E</p>
<div></div>
</li>
<li>
<p>Nintendo (7974 JP — US$74 billion) is a Japanese video game developer, best known for its Zelda and Super Mario franchises.</p>
</li>
<li>
<p>The company was founded in Kyoto in 1889 by Fusajiro Yamauchi. It was initially focused on Japanese "Hanafuda" playing cards. </p>
</li>
</ul>



Video game developer with Switch 2 catalyst trading at 17.7x FY2028e P/E



Nintendo (7974 JP — US$74 billion) is a Japanese video game developer, best known for its Zelda and Super Mario franchises.


The company was founded in Kyoto in 1889 by Fusajiro Yamauchi. It was initially focused on Japanese "Hanafuda" playing cards. 



Japan Specialist

Mark Chadwick

<ul>
<li>One-Off tariff refunds boosted earnings, but the underlying quarter still comfortably exceeded expectations.</li>
<li>First-Party software continues to drive Nintendo's earnings power, even for the old Switch</li>
<li>The market is focused on costs; longer-term investors should focus on the coming shift back toward higher-margin software.</li>
</ul>


One-Off tariff refunds boosted earnings, but the underlying quarter still comfortably exceeded expectations.
First-Party software continues to drive Nintendo's earnings power, even for the old Switch
The market is focused on costs; longer-term investors should focus on the coming shift back toward higher-margin software.


Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

KraneShares CSI China Internet ETF / Technical Analysis

KraneShares CSI China Internet ETF (KWEB US)

<ul>
<li>KWEB giving an attractive entry point here, as it begins to outperform the domestic FDN.</li>
<li>Toyota&gt;Honda and look for that relationship to continue going forward.</li>
<li>JD&gt;BABA, a new dynamic divergence between the two, and my opinion is JD will be the leader in 2024 and beyond.</li>
</ul>


KWEB giving an attractive entry point here, as it begins to outperform the domestic FDN.
Toyota&gt;Honda and look for that relationship to continue going forward.
JD&gt;BABA, a new dynamic divergence between the two, and my opinion is JD will be the leader in 2024 and beyond.


KWEB Attractive, Toyota and JD.com Best in Breed

Japan

Nintendo Co., Ltd. develops, manufactures, and sells household leisure equipment. The Company produces home use video game hardware and software products. Nintendo markets its products throughout Japan.

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Nintendo (NTDOY US)

Nintendo's Switch 2 Soon Pricing Higher: Replay the Level With Call Options?

Memory costs and the Switch 2 price hike have halved Nintendo's stock price despite sales. Possible opportunity if the company can solve component...

Jay Cameron

Nintendo (7974 JP): The Hardware Discount Is Mispricing a Software Franchise

Nintendo trades 46% below its peak days after beating Q1 profit forecasts by 92%. We initiate BULLISH, ¥9,500 fair value (18% upside), anchored to...

Mo Aziz

Deep-Dive: Nintendo (7974 JP)

Video game developer with Switch 2 catalyst trading at 17.7x FY2028e P/E. Nintendo (7974 JP — US$74 billion) is a Japanese video game developer.

Asian Century Stocks

Nintendo (7974) | Profit Beat*

Nintendo's Q1 FY2027 results comfortably beat expectations on profit despite lower revenue, driven by strong software, IP monetization, and a one...

Mark Chadwick

KWEB Attractive, Toyota and JD.com Best in Breed

Chinese softness feels like a rear view mirror story. Leaders in Japan likely to continue to flourish. Invest accordingly.

Douglas Busch

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