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ソニーグループ(株)【6758】の掲示板 2016/04/19〜2016/04/25

April 24, 2016, 11:57 P.M. ET.
3 Things Not To Like About Sony.

By Shuli Ren

Apple (AAPL) camera components supplier Sony Corp. (6758.Japan/SNE) tumbled 6.3% today after the electronics maker said it would postpone its financial forecasts for the current fiscal year while assessing the damage from recent earthquakes that shut down its camera plants.

Sony’s stock faces three near-term headwinds, according to Citi Research‘s Kota Ezawa.

First, Sony cut its 2015 operating profit by 9.4% to 290 billion yen last week after it booked an impairment charge of 60 billion yen for its smartphone camera business. While that write-down is already priced in, “the asset impairment in camera modules was large” and investors would be mistaken to think the impact was only “transitory,” wrote Ezawa. Analysts are now worried Apple may shift away from dual cameras for its iPhone 7, hurting Sony: “Apple’s iPhone7 To Shift Gear On Dual Rear Cameras, Hurting Sony“.

Second, the Bank of Japan‘s adoption of negative interest rates affects Sony too through its holdings in Sony Financial. See also my March 8 blog “Sell Sony? Insurance Arm In Danger As BoJ Loses Control Over Rates“.

Third, Sony’s other businesses – smartphones, games (despite the new virtual reality toy), and music – may not be lifting earnings: