Sony Group CEO and CFO Meeting

Goldman Sachs maintains a Buy rating on Sony Group following a meeting with President/CEO Hiroki Totoki, citing robust management strategies in gaming and sensors despite a challenging cost environment.

Key Takeaways

• 1.Sony's management is adopting a flexible, multi-scenario approach to its supply chain and next-generation hardware to mitigate cost pressures and geopolitical risks.
• 2.The I&SS (sensors) business is transitioning toward a 'fab-lite' model via a strategic alliance with TSMC, aiming to improve ROIC and cost competitiveness.
• 3.The PS5 is in an accelerated monetization phase with over 93 million units shipped, and the upcoming Grand Theft Auto VI is expected to drive migration from PS4.

Table of Contents

• Key takeaways from the meeting
• G&NS business:
• I&SS business:
• Impact of generative AI:
• Price Target Risks and Methodology - Sony Group
• Disclosure Appendix

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