Trim Nintendo FVE to JPY 51,000, but Share Price Decline Over-reaction to Short-Term Disappointment
While we understand the market’s concern at the slowdown on Switch’s shipment momentum, we believe that the current share price is too pessimistic. We acknowledge that the market was disappointed as: 1) shipment of Nintendo Labo, launched in April, was weaker than expected; 2) Nintendo’s announcement at E3 suggests that no big titles will be released in summer 2018; and 3) Super Smash Bros Ultimate is coming later than the market’s expectation, and therefore, we may see a temporary slowdown on S...Nintendo is mainly engaged in the development, manufacture, and sale of home-use game hardware/software and peripheral equipment as well as software under the name of "Nintendo DS," "Nintendo 3DS," "Game Boy," "Nintendo 64,"" Game Boy Advance," "Wii," "Nintendo GameCube," "Game Boy Color" and "e-Reader (trading card games)." Co.'s principal software trademarks include "Pokemon," "Super Mario Bros.," "The Legend of Zelda," "STARFOX64" and others. Co. also provides online games and repair services. In addition, Co. is involved in the manufacture and sale of Japanese playing cards called "Karuta," playing cards and board games, as well as the management of intellectual property rights.
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