While solid results and promotion of CFO Yoshida encourage the market, we view shares as overvalued.
Sony's operating income for the June quarter was JPY 195 billion, exceeding our forecast of JPY 145 billion, thanks to the stunning performance of the game & network service segment. June quarter revenue for the segment increased 36% from the previous year, which is driven by the 54% growth of network revenue, pushing up its operating income to JPY 83 billion from JPY 18 billion on the previous year. We estimate there were three major factors contributing to the impressive growth: 1) robust ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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