Impressive Sony Earnings Results, but Most Profit Drivers Are not Sustainable; Shares Fairly Valued
Our impression of Sony’s new year’s guidance is mixed. While stronger software sales of PlayStation 4 seems to push the profit of the Game & Network Sales segment above our forecasts, increasing capital expenditure and R&D expenses depressed the profitability of image sensors, and intense smartphone competition will continue to be a headache for Sony. Overall, the new guidance is in line with our view that Sony’s fundamentals have reached a plateau, as midterm growth of semiconductors wi...
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