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Sega Sammy Holdings (6460) ( english | Japanese version ) Sep 10, 2010
Expecting strong profit growth in FY3/11, continued growth in FY3/12
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 5
In light of revisions to our earnings forecasts for Sega Sammy Holdings, we are raising our price objective from JPY1,700 to JPY1,800. We reiterate our Outperform rating on the company. We now forecast FY3/11 OP of roughly JPY60.0b, significantly higher than the company's forecast of JPY40.0b. We expect the company to announce upward revisions to its forecasts sometime around October.
Sankyo  (6417) ( english | Japanese version ) Sep 09, 2010
Company raises FY3/11 forecasts; in the spotlight for its stability, earnings
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 5
On 9 September, Sankyo announced upward revisions to its 1H and full-year FY3/11 earnings forecasts, raising its full-year OP forecast from JPY43.0b (representing a 22.9% YoY decline) to JPY56.0b (a 0.4% YoY increase). Although we estimate that the market was at one time pricing in concerns that OP would fall to around JPY30.0b as a result of a weak pachinko market and the flagging appeal of Sankyo's products, we expect management's apparent belief that it can secure slight YoY profit growth to draw favorable attention to the company's earnings potential and stability.
Square Enix Holdings (9684) ( english | Japanese version ) Aug 06, 2010
1Q FY3/11 results: positive start in 1Q; focusing on online Final Fantasy XIV
Sector Entertainment Market Cap Small Cap < 200B
Author Takeshi,Koyama Pages 3
Square Enix Holdings reported its earnings results for 1Q FY3/11 on 6 August at 2:00pm, during afternoon trading. We find the company's results positive. During the period under review, the company posted OP of JPY5.4b, a robust, nearly 9-fold expansion YoY, and around JPY2.0b higher than we forecast. Management maintains its 1H earnings estimate, including an OP target of JPY4.0b. This does not suggest that the company expects an operating loss in 2Q, in our opinion, but rather reflects its conservative outlook.
Konami (9766) ( english | Japanese version ) Aug 05, 2010
1Q FY3/11 results: smooth start on cost cuts; in line with expectations overall
Sector Entertainment Market Cap Small Cap < 200B
Author Takeshi,Koyama Pages 6
Konami reported its earnings results for 1Q FY3/11 at noon on 5 August. During the period under review, OP totaled JPY2.8b (higher than our estimate of JPY2.0b), an expansion of 187% YoY, thanks to contribution from cost reductions. The performance looks positive to us, but given the progress toward full-year profit targets normally achieved in 1Q, we think earnings were in line with expectations and unsurprising. We have not adjusted our outlook on Konami, and we reiterate our Neutral rating.
Namco Bandai Holdings (7832) ( english | Japanese version ) Aug 05, 2010
1Q FY3/11 results: surprisingly strong 1Q OP in toy and hobby segment
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 4
Namco Bandai Holdings announced 1Q FY3/11 earnings results on 5 August and raised its 1H earnings projections. It held a telephone conference the same day. OP was JPY2.9b in 1Q, representing a major improvement of JPY5.7b on 1Q FY3/10, when the company generated a loss of JPY2.7b. The level of OP in the toy and hobby segment came as a particularly positive surprise. Since there are still some uncertainties over the outlook for the game software segment, we find it difficult to take a bullish stance. However, we still believe the downside risk is much smaller than the equity market appears to be concerned about.
Sankyo  (6417) ( english | Japanese version ) Aug 04, 2010
1Q results: OP down sharply, but trending above company forecast
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 4
Sankyo announced its 1Q FY3/11 earnings results on 4 August, holding an explanatory briefing the same day. 1Q OP came to JPY13.4b, down 31.2% YoY. Although this came as no surprise, since OP was more or less in line with our forecast of roughly JPY13.0b, we take a favorable view of the company's results, as progress towards full-year profit targets was strong considering sales volume levels.
Capcom  (9697) ( english | Japanese version ) Jul 30, 2010
1Q FY3/11 results: getting back in the game with Dead Rising 2
Sector Entertainment Market Cap Small Cap < 200B
Author Takeshi,Koyama Pages 6
On 29 July, Capcom reported that 1Q FY3/11 OP was JPY1.0b, a decline of 72.6% YoY. The figure did not come as a surprise to us as we anticipated 1Q OP of JPY1.0b. Sluggish sales of Lost Planet 2 count as a negative, as it suggests to us not only that the company is likely to underperform its targets but that confidence in its sales targets will likely be shaken. Reflecting this, we are lowering our price objective from JPY1,900 to JPY1,600.
Nintendo (7974) ( english | Japanese version ) Jul 30, 2010
1Q results: negative catalysts remain but shares look appealing to us
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 3
Nintendo announced its 1Q FY3/11 earnings results on 29 July. Management is maintaining its full-year FY3/11 earnings estimates. The market has yet to exhaust the negative factors for the company, and we therefore believe that share price momentum is likely to trend downward. However, the company is planning to hold its Nintendo 3DS briefing on 29 September, at which time it also aims to revise its forex assumptions and earnings forecast. We expect that there will be a mix of positive (Nintendo 3DS) and negative (risk of a downward revision) catalysts through September.
Sega Sammy Holdings (6460) ( english | Japanese version ) Jul 30, 2010
1Q FY3/11 results: co. keeping FY3/11 plan but boost to 1H estimate is positive
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 6
On 30 July, Sega Sammy Holdings unveiled its 1H FY3/11 earnings results and an upward revision to its 1H earnings estimates. The company sharply increased its 1H OP target from JPY14.5b to JPY34.0b. This is a positive surprise, as it is substantially higher than our upbeat forecast of JPY26.0b. Management is sticking with its full-year FY3/11 earnings outlook.
Sector Outlook ( english | Japanese version ) Jul 21, 2010
Game sector: 1Q preview & focus points for 2Q onward
Sector Entertainment Market Cap
Author Takeshi,Koyama Pages 5
Possible shift in trends from September onward Companies Mentioned in this Report: Sankyo (6417), Sega Sammy Holdings (6460), Namco Bandai Holdings (7832), Nintendo (7974), Square Enix Holdings (9684), Capcom (9697), Konami (9766)
Nintendo (7974) ( english | Japanese version ) Jul 15, 2010
1Q preview: focus on whether risks will be factored into co. FY3/11 forecasts
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 5
We are lowering our price objective for Nintendo from JPY35,000 to JPY32,000 in light of revisions to our earnings estimates, but we reiterate our Outperform rating. We maintain our expectations for the company's nextgeneration businesses, including the Nintendo 3DS, and we are focusing on this area more than the present earnings concerns.
Sankyo  (6417) ( english | Japanese version ) Jul 15, 2010
1Q FY3/11 results preview: likely to outperform 1H targets by a wide margin
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 6
We are raising our price objective for Sankyo from JPY4,600, to JPY4,800 to reflect our revised earnings forecasts for the company, and we reiterate our Outperform rating on the issue. We forecast OP for 1H FY3/11 in the range of JPY22.0b-JPY25.0b, versus the company's target of JPY18.0b. We think the market is likely to once again focus on the conservative nature of the company's FY3/11 earnings targets at some stage from 1Q results up to the results period for 2Q.
Sega Sammy Holdings (6460) ( english | Japanese version ) Jul 15, 2010
1Q results preview; brisk 2Q likely; focus on keeping positive trends with hits
Sector Entertainment Market Cap Large Cap > 400B
Author Takeshi,Koyama Pages 6
To reflect the upward revision to our earnings forecasts for Sega Sammy Holdings, we are lifting our price objective from JPY1,500 to JPY1,600, and we reiterate our Outperform rating. We believe the stock market is uncertain about the sustainability of the current earnings momentum, estimating that earnings likely peaked in 1Q FY3/11, whereas we feel the company's current momentum should continue through 2Q.
Sector Outlook ( english | Japanese version ) Jun 16, 2010
Update on E3 2010 US game expo
Sector Entertainment Market Cap
Author Takeshi,Koyama Pages 4
Nintendo reveals 3DS; announcement itself disappointing, 3D quality surprising Companies Mentioned in this Report: Sony (6758), Nintendo (7974), Square Enix Holdings (9684), Capcom (9697), Konami (9766)
Sector Outlook ( english | Japanese version ) Jun 14, 2010
Entertainment sector
Sector Entertainment Market Cap
Author Takeshi,Koyama Pages 72
Game software: Pachinko & Pachislot (P&P)
 
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