While the FY25 Q3 results constituted a beat, they came in quite close to what the share price implied. However, the guidance for Q4 surprised on the upside. Pelham Smithers reviews the performance and outlook, with a readacross to beneficiaries in Japan and the numbers from China.
Sony’s FY25 Q2 OP at ¥429bil (+10% YoY) came in ahead of consensus at ¥390bil and our forecast of ¥410bil. The firm raised its full-year OP target, also ahead of consensus, and for good measure, has thrown in a ¥100bil share buyback; not exactly meaningful on ¥26tril market cap, but at least a gesture. Pelham Smithers reviews the performance but has concerns on how far Sony can further push out the envelope.
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