Nintendo’s Revised Guidance Is Above our Expectations, and We Still Expect a Room to Go up
Nintendo revised its OP guidance for this fiscal year from JPY 65 billion to JPY 120 billion, which is in line with our forecast of JPY 110 billion. However, we are impressed with the numbers for two major reasons: 1) We believe Nintendo’s forecast for software shipments is still too conservative and thus there is still room for another upward revision; and 2) Nintendo has concurrently raised its R&D and advertisement expense assumptions by JPY 18 billion. While we understand the positive co...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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