Capcom Co.: Strong Performance and Growth Potential Amidst Balanced Risk-Reward4:34 PM Japan | Interactive Entertainment Capcom Co. Ltd. | BUY 9697 JP | ¥4,331 | PT: ¥4,640 | % to PT: +7% 2Q results in-line; MH FY3/26 results stood substantially ahead on YoY metrics with OP of ¥14.8b (+90% YoY; slightly lower than cons.). OP strength and broad-based segment growth highlight franchise durability. All segments contributed, though (MHW2) weak momentum (<165K unit sales in 2Q), flat guidance, keep the risk- reward balanced. We like it longer-term, but the road ahead near-term could be bumpy. Maintain BUY and PT (¥4640).