We Cut Sony’s Fair Value Estimate to JPY 6,000 Because of the Headwind on Smartphone Business
As technologies and consumer preferences change quickly, it is generally difficult for consumer electronic companies to build up an economic moat that generates sustainable excess returns on capital. The replacement cycle of digital appliances is usually three to six years, but as most products are commoditized, it is hard for manufacturers to build an ecosystem that prevents customers from moving to different manufacturers.In fact, Sony’s profitability on electronics has been unstable over the ...
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