Sony (6758)
“Asset Light” and “Sony United” strategies starting to drive profit
On track for an electronics revival — Sales growth is modest but we newly factor in better margins. We think the key to profitability in TVs is the transfer of operations to Hon Hai at plants which Sony has sold to the Taiwanese firm. In cameras we expect Sony’s marketing muscle to succeed in emerging markets, where demand is growing. We think collaboration with network operations will also contribute to differentiation. The new PSP2 game machine should create a growth opportunity for the game business. In semiconductors, we think growthdirected investment in BSI CMOS will lead to earnings.
