Sony's Growth Potential Driven by Music, Games, and Sensor Spin-Off: Buy Rating with ¥4,820 TargetWe est. 10% FY3/26e OP growth (excl. Fin) despite tariff impact on ET&S margins, more than offset by Music and Games subscription. FY3/27e could see 13% OP growth, driven by c. 30% games OP growth from GTA6’s launch, peaking profits. A Sensors spin-off could lift P/E by 20-30%, unlocking value. Without it, FY3/28e onwards, the comps become difficult. Maintain Buy - PT ¥4,820.