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1、Completed30Jun201703:09AMJSTDisseminated30Jun201706:15AMJSTAsiaPacificEquityResearch30June2017GameSectorGrowingConcernsaboutHigherSharePrices,butAmpleCatalystsProvideSupportThesharepricemomentumofgamesectorstocks,mostnotablyNintendo,hasJapanEquityResearchbeenstrongevenafterE3
2、.Ourgeneralimpression,however,isthatvaluationsInternet,Gamesaregettinglofty.Thissaid,weexpectpricestoremainsolidonsupportfromsuchACHarukaMoricatalystsas(a)NintendoSwitchrelatednewsflowand(b)mobilegamereleases.(81-3)6736-8632Forspecificcompanies,weremainbullishonNintendoandals
3、ofavorDeNA,haruka.mori@jpmorgan.comwhichcontinuestotrailthemarket.BloombergJPMAMORIYingTanWereviewourpricetargets,investmentratings:1)Nintendo(OW):We(81-3)6736-8638reviseourforecastsforhardwaresalesontheE3announcementofaNintendoying.x.tan@jpmorgan.comSwitchversionofPocke
4、tMonster(Pokemon)andraiseourpricetargettoJPMorganSecuritiesJapanCo.,Ltd.¥47,000.2)DeNA(OW):WerecentlyraisedourratingtoOverweight(seeourJune8report)andmaintainourviewsfromthattime.AbriefingtodiscussbusinessstrategyisscheduledforJuly19.3)SquareEnix(OWtoN):Whilewethinknewmobileg
5、amesprovideshort-termupside,wethinkSquareEnix'ssharepricealreadyincorporatessuchprospectsforthisfiscalyear.4)NEXON(NtoUW):WethinkthestockdoesnotlookattractivegivenanincreasingdependenceonDungeon&FighterwithintheChinamarket.Whilewedoseeanamplepipelineofnewtitles,wealsoseeconsi
6、derablelong-termdevelopmentrisk.Catalysts:Anumberofindustryeventsarecomingup,mostnotablyGamescon(August22to26),theTokyogameshow(September21to24;Nintendousuallydoesn’tparticipateintheevent),theannualSonyPlayStationPressConferenceinJapan(September),andPlayStationExperience(Dec
7、ember9-10).UpcomingreleasesofnewmobilegamesshouldprovidecatalystsforallofourcoveragebutNintendo.Formoreinformation,pleaseseeFigure1.DifferentapproachfromtheWest—attentionreturningtooverseaspotentialofmobilegames:Thegamesectorcontinuestoperformwellonaglobalbasis.EuropeanandNo
8、rthAmericancompaniescontinuetostabilizetheirearningstructuresbyincre