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Equity Analyst, LightStream Research

Farha Sabri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Sony's FY03/19 earning's revealed a 1.4% YoY revenue growth and 21.7% YoY OP growth driven by software sales in the gaming segment.</li>
<li>For FY03/20, Sony has given a dull forecast, expecting revenue to increase by 1.5% YoY and OP to fall by -9.4% YoY.</li>
<li>Performance in the gaming segment is expected to slow as the company incurs high R&amp;D costs in preparation for the release of the PS5.</li>
<li>According to consensus, Sony is trading at a FY1 P/E multiple of 12.3x, at a 37.6% discount to its historical median of 19.7x. </li>
</ul>


Sony's FY03/19 earning's revealed a 1.4% YoY revenue growth and 21.7% YoY OP growth driven by software sales in the gaming segment.
For FY03/20, Sony has given a dull forecast, expecting revenue to increase by 1.5% YoY and OP to fall by -9.4% YoY.
Performance in the gaming segment is expected to slow as the company incurs high R&amp;D costs in preparation for the release of the PS5.
According to consensus, Sony is trading at a FY1 P/E multiple of 12.3x, at a 37.6% discount to its historical median of 19.7x. 


Sony Expects Tepid Outlook for FY03/2020 Albeit Strong Results in FY03/19