Sony and TSMC Agree to Form JV for Next-Gen Image Sensors

研报英文原文证据摘录

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M

Update

August 11, 2026 12:47 PM GMT

Sony Group (6758) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Kazuo Yoshikawa, CFA

Equity Analyst

Sony and TSMC Agree to Form

JV for Next-Gen Image Sensors

Hidetaka Suzuki

Research Associate

We believe the new JV is an appropriate initiative to support the

increasing density and complexity of future image sensors.

Key Takeaways

The new JV will operate as a consolidated subsidiary of Sony Group and is

scheduled to ramp volume production in 2029.

Sony plans to contribute ¥465bn through cash injections and the transfer of

assets via a company split, while TSMC is to contribute ¥282bn in cash.

Sony Group (6758.T, 6758 JT)

Consumer Electronics | Japan

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 10, 2026)

Mkt cap, curr, basic (bn)

Div yld (03/27e) (%)

Overweight

In-Line

¥4,700

25

¥3,764

¥22,236.5

0.9

On Aug 11, Sony Semiconductor Solutions and TSMC (covered by our Greater

Fiscal Year Ending

China semiconductor analyst Charlie Chan) signed a definitive agreement to

Revenue, net (¥bn)

12,479.6 13,047.9 12,660.6 14,024.3

Operating profit (¥bn)*

1,448

1,709

1,848

1,890

Net income (¥bn)*

(327)

1,299

1,407

1,440

EPS, basic (¥)*

(54.7) 222.1 243.0 248.5

Prior EPS, basic (¥)*

EPS (¥)**

(54.4) 217.9 239.4 244.8

Prior EPS (¥)**

P/E, basic*

NM

16.9

15.5

15.1

P/BV, basic

2.3

2.5

2.2

2.0

ROE (%)*

(4.0)

16.0

16.1

14.6

EV/EBITDA, basic

4.5

4.9

4.3

3.9

establish a JV, Advanced Vision Semiconductor Manufacturing, based in Koshi,

Kumamoto Prefecture: The JV is scheduled to ramp volume production in 2029.

Sony will be the controlling shareholder, and the company will operate as a

consolidated subsidiary of Sony Group. Sony will contribute ¥465bn through a

combination of cash investment and the transfer of assets via a company split,

including a new manufacturing facility in which Sony has already invested. TSMC will

contribute ¥282bn in cash. These capital contributions will be made in phases

depending on market conditions. The JV's financing plan is also being developed on

…