Sony Group

研报英文原文证据摘录

Sony Group

Global Markets Research

31 July 2026Sony Group

6758.T 6758 JP ADR:SONY US / EQUITY: JAPAN CONSUMER ELECTRONICS

RatingGames and semiconductors perform well Remains Buy

Target price

Increased from 4,500 JPY 4,900Prospect of earnings contributions from major titles such as Spider-Man and GTA6

Closing price JPY 3,787We reiterate our Buy rating, see growth potential as entertainment company 31 July 2026

In Apr–Jun (Q1), operating profits rose 40% y-y to ¥476.5bn, exceeding our ¥350.0bn

Implied upside +29.4%forecast. While the overshoot attributable to US tariff refunds is substantial, even when

discounting for this, earnings were better than we expected, particularly from games (the

game & network services segment) and semiconductors (the imaging & sensing solutions

segment). We raise our 27/3 operating profit forecast from ¥1.67trn to ¥1.80trn and hike

Relative performance chartour sum-of-the-parts-based target price from ¥4,500 to ¥4,900. We expect contributions

from major titles such as Spider-Man:BrandNewDay (released today) and third-party

game software title GrandTheftAutoVI (scheduled for release on 19 November), and we

think stock market participants are likely to focus on Sony Group's growth potential as an

entertainment company.

Steady performance in Q1 even when discounting for tariff refunds, company has

secured necessary memory volumes for 27/3

At the results briefing held after the market close on 31 July, the company commented on

the impact of soaring memory prices by saying that it has secured enough memory for the

PS5 hardware it expects to sell in 27/3 and that it is still guiding for hardware earnings to

peg level y-y in 27/3. Management said that at the entertainment, technology & services