Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 196 Asia Pacific Equity Research 20 April 2009 Nintendo Game Boy In 2001, Nintendo launched Game Boy Advance, which added extra buttons (left and right “shoulder” tabs), had a much larger screen and far more computing power. The design was further enhanced about two years later in March 2003, when the Game Boy Advance SP (GBA SP), a compact “clamshell” (folding open and closed, like a briefcase) version was released. It also had a front-lit color display and rechargeable battery. Despite its smaller size, the screen remained the same size as that of the Game Boy Advance. The GBA SP accounted for a significant part of the Game Boy consoles sold by Nintendo. In 2005, Game Boy Micro, the next in the Game Boy series, was released. This revision sacrificed screen size and backwards compatibility with previous Game Boys for a dramatic reduction in total size and a brighter backlit screen. Nintendo DS Nintendo DS was released in November 2004. In January 2006, Nintendo launched an updated version of the DS: Nintendo DS Lite with an updated, smaller form factor (42% smaller and 21% lighter than the original Nintendo DS), a cleaner design, and much brighter displays (with adjustable brightness). The DS Lite also comes with a cover for “Slot 2” (also known as the Game Boy Advance slot). The new version: DSi Nintendo made announcements, at the Nintendo Conference 2008 on October 2, 2008, about further broadening the game-playing population with the Nintendo DS by introducing a new version of the DS called Nintendo DSi. The pace of DS sales in Japan began slowing last year, but the launch of the DSi is aimed at further increasing the demand. The DSi console will likely incorporate an audio player and camera, as well as software enabling players to fully utilize these functions. The console will also have an SD card slot for storing software downloaded from the internet, and the company will start selling software downloads. Furthermore, the new DSi features improvements in design, being 12% slimmer than the Nintendo DS Lite and offering a 17% increase in LCD screen size. We expect Nintendo to launch a new portable game platform sometime in second half of FY09 or FY10, but we believe it will take until FY11 at the earliest before profit growth associated with a new portable gaming system can fully compensate for the decline in earnings from the Nintendo DS. Sony PlayStation Portable Sony’s PlayStation Portable (PSP) was first launched at E3 2004, and was released in Japan and North America in late 2004 and early 2005, respectively. Like previous competitors of Game Boy, we believe PSP is considerably superior in both processing power and screen quality, but inferior in battery life and price. PSP includes several features beyond gaming and is the most successful handheld console produced by Sony thus far, in our view. PSP as well as several other handhelds in this generation are designed with an emphasis on convergence. This has been done to help differentiate themselves from Nintendo’s game-focused offerings as well as to portray these increasingly high-tech handheld game consoles closer to PDAs or smartphones than “toys”. Sony, for example, has emphasized the PSP’s ability to play movies and music from the system’s UMD disks, or stored on a memory stick duo (PSP’s form of writable data storage). Some of the games for the PSP, such as “Wipeout Pure”, can use PSP’s
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Figure 114: Nintendo DS Source: www.nintendo.com. Asia Pacific Equity Research 20 April 2009 web features to download new content, and with firmware version 2.0, the console also has an integrated web browser. Figure 113: Current handheld videogame hardware shipments Console Shipments ('000s) 60,000 50,000 40,000 30,000 20,000 10,000 - Source: Company Data, J.P. Morgan estimates 3 / 06 3 / 07 3 / 08 3 / 09E 3 / 10E Nintendo DS Sony PSP For a more detailed discussion on the feature comparison of Nintendo DS and PSP please refer to the fifth edition of this guide. Figure 115: Nintendo DS Lite Source: www.nintendo.com. Figure 116: Sony PSP Source: www.playstation.com. 197
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