j.p. 摩根-亚洲-博彩业-产业结构调整之下，博彩公司更多的营利机会

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1、Completed05Dec201706:38PMJSTDisseminated05Dec201706:40PMJSTAsiaPacificEquityResearch05December2017Corrected(Seepage77fordetails)GameSectorMoreEarningsOpportunitiesforGameCompaniesasIndustryStructureChangesWeexpectthestrongperformancetocontinueatconsolegame-rela

2、tedcompanies,JapanEquityResearchdrivenbyNintendo.Wethinkearningsopportunitieshaveexpandedfurther,Internet,Games,MediasupportedbytheadvanceofdigitalizationandspreadofNintendoSwitch,andweACHarukaMoriseestrongtrendsforearnings,inadditiontosentiment.Wemaintainabull

3、ish(81-3)6736-8632stanceonNintendo.WealsoupgradeBandaiNamcoHoldingstoOverweight,asharuka.mori@jpmorgan.comthestockisalaggarddespitetheprospectofpotentialcatalystsfrom2H.BloombergJPMAMORIRemainbullishonNintendo;upgradeBandaiNamcotoOverweight:WeYingTanreiter

4、ateourOverweightratingonNintendo,withapricetargetof¥54,000.We(81-3)6736-8638ying.x.tan@jpmorgan.comseeriskofashort-termsharepricecorrectionduetoalackofcatalysts,butinJPMorganSecuritiesJapanCo.,Ltd.viewoftheNintendoSwitchcycle,webelievethecompanystillhasampleups

5、idecatalysts.ThisreportexaminesitsbusinessopportunitiesinChina,forwhichexpectationsaremounting(seepage14fordetails).WeupgradeBandaiNamcofromNeutraltoOverweight,withapricetargetof¥4,600.Webelievetheshort-termsharepricecouldhavelimitedupsideasweapproach3Qresults,

6、whenweexpectconservativeguidancerevisions,butweexpectanexpandedproductlineupin2HtocontributenotonlytoearningsupsideinFY2017,butalsotoastrongstarttoearningsinFY2018.Wefocusonoverseasbusinesspotentialoverthemediumterm,asweexpectthecompanytoaccelerateexpansion,inc

7、ludingbyestablishinganewsubsidiaryinChina.AmongourNeutralratings,wehavearelativepreferenceforKonami,giventheupcomingreleaseofanticipatednewmobiletitleswhileearningsarestabilizing.GrowinginterestinNintendoSwitchsoftwareamidcatalyst-drivenshareprices:SeeFigure2f

8、oralistofcatalystsforeachcompany.ForNintendo,wecontinuetofocusonsalestrendsduringtheyear-endsalesseason,butthinkcatalystscouldthenbelackingwhilewaitingforFY2018titlelineupan