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Katsura

Senior Analyst at SMBC Nikko

Tokyo, JP

Ryosuke Katsura is a Senior Analyst at SMBC Nikko Securities, specializing in equity research and financial analysis primarily within the Japanese equities market. He is known for his coverage of major companies such as Seiko Epson Corporation, providing detailed forecasts and in-depth reports that inform investor decision-making. Katsura has maintained a prominent analyst role at SMBC Nikko over recent years, recognized by public investor relations disclosures, though specific performance metrics and broader career history are not widely published. His professional background reflects expertise in securities analysis, supported by the regulatory standards and credentials typical of Japanese senior analysts.

Katsura's questions to Sony Group (SONY) leadership

Question · Q2 2026

Katsura from SMBC Nikko asked about the sustainability of the GNNS segment's high Q2 operating income (15.3% excluding impairment) without major titles, and the contributing factors. Katsura also inquired about the potential negative impact of increasing NAND flash prices on PS5 hardware profitability for the remainder of the year and next fiscal year. For the INSS segment, Katsura asked about balancing business expansion with investment efficiency and updates on midterm plans regarding geopolitical risks and U.S. production.

Answer

Lin Tao, CFO, Corporate Executive Officer, attributed GNNS's Q2 profitability to Forex, Network Service, and reduced M&A expenses, stating sustainability depends on strong network service and first-party software performance. For memory prices, Lin Tao confirmed parts for this fiscal year are secured, but future price increases could impact hardware profit, with a focus on monetizing the existing 18 million PS5 install base next year. Naoya Horii, Senior Vice President in Charge of Corporate Planning and Control, Disc Manufacturing Business, and Storage Media Business, addressed INSS, noting good management of expenses for sales growth and continuous exploration of options like joint investments to address U.S. production and geopolitical risks.

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