Tokyo’s delayed Olympics is flipping conventional wisdom on its head, with Japan’s stay-at-home stocks expected to emerge as winners rather than once-favored advertisers, real-estate firms and travel operators.

Thanks to the resurgent pandemic, shares in the likes of fried-chicken chains, food-delivery operators and electronics stores selling TVs are seen as more likely to get a boost from the Games, according to analysts.

"Purchases of food and TVs will be expected to increase, as people seek to make the Olympics more fulfilling,” Naoya Kumagai, a strategist from Okasan Securities, wrote in a recent report. "Even though the Games will be held in an irregular fashion, it can still provide a tailwind for many companies.”