While Sony's near-term numbers will be impressive, most are factored in for this no-moat firm.
We revise our fair value estimate for Sony to JPY 4,200 from JPY 4,000 as we raise our earnings forecast. We believe that Sony’s June quarter results were impressive, which implies that Sony is effectively controlling operating costs, substantially improving its product mix, and consequently, operating margins of consumer electronic products were ahead of our forecasts.While we are confident that Sony will reach record-high profits for this fiscal year, we will retain our view that this year’s ...
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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