Bandai Namco Holdings: Strong Performance and Strategic Positioning Justify Buy RatingWe have a positive impression on OP beat and the revised-up guidance. (1) Q1 OP beat the the stock price closing up +1.7% on Aug 5. (2) Gundam GQuuuuuuX's success drove strong Q1 performance across multiple segments: Gunpla / confectionary toys in T&H, and mobile game in Digital, highlighting the company's cross-business IP monetization strength. (3) Tariff impact seen as manageable through pricing and cost control: Management anticipates ¥3bn in tariff-related headwinds in 1H (Q1: ¥1bn, Q2: ¥2bn), affecting items like figures and plastic models. To mitigate this, the company will adjust prices selectively, downsize products, optimize logistics, and consolidate domestic production. While high-ticket items may not see direct price increases, expected volume growth and improved efficiency should offset much of the pressure.