We Cut Sony’s Fair Value Estimate to JPY 6,000 Because of the Headwind on Smartphone Business
We revise no-moat Sony’s fair value estimate to JPY 6,000 per share and initiate the coverage of Sony’s U.S. ADR with a $55 fair value estimate. The two major reasons cutting our fair value estimate are: 1) we lowered shipment forecast of image sensors as we expect that smartphone’s replacement cycle will be longer than anticipated; and 2) we consider that the operating loss of Sony’s mobile business will be larger, considering the intensifying competition in Japan. Meanwhile, we retain our view...Sony is engaged in the development, design, production, manufacture, offer and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets such as network services, game hardware and software, televisions, audio and video recorders and players, still and video cameras, mobile phones, and semiconductors. Co. is engaged in the development, production, manufacture, and distribution of recorded music and the management and licensing of the words and music of songs as well as the production and distribution of animation titles. Co. is also engaged in the production, acquisition and distribution of motion pictures and television.
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