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• Significant Room for Digital Sales Upside: Digital sales in FY3/18 was only 17% vs over 50% among overseas game software
companies. There is a plenty of room ... Ahead of the E3 game show next month, we revise our estimates after reviewing FY3/18 results but leave our PO
unchanged at (still based on a cash-adjusted ... estimate). Nintendo's share
price has corrected owing to the weak data point after FY3/18 results. We, however, continue to see solid potential
for sustained earnings growth, driven