A new report out of Japan could be the first indication of a new handheld console in the pipeline for Nintendo, with the codename "MH." But despite some breathless reports on the news, there is reason for skepticism.

The rumor mill got churning this time thanks to off-handed mention in a report from the business analysts at Mitsubishi UFJ Morgan Stanley (published in Japanese here and here). A couple of translations of that report predict that future economic growth for Nintendo through the 2020 fiscal year will be driven by "the next generation game console NX and next generation portable game console MH (Tentative title) [or (temporary name), depending on the translation]."

The translated wording certainly seems certain enough, and the specificity of the codename suggests an actual product in the works at Nintendo rather than mere speculation. Still, it's pretty odd that the first public mention of a major new hardware initiative at Nintendo would come in an aside in a business analyst's note rather than from Nintendo itself.

Consider that Nintendo has been vaguely talking up its next home console, codenamed NX, for over a year now, getting well ahead of subsequent leaks and rumors about its design. Nintendo's first mention of the Wii's successor came in April of 2011, well before the first concrete rumors about the Wii U hit the Web. And Nintendo talked about its upcoming "Revolution" console (which would become the Wii) back at E3 2004, well before its late 2006 launch (and well before serious speculation about it had leaked to the press or business analysts).

Then again, Japanese press leaks about the 3DS in early 2010 practically forced Nintendo to hastily announce that system's existence to the world, seemingly before it was ready. Still, those leaks were driven by reported information from parts suppliers and included more details than a mere codename.

There's also some reason to think that NX, and not "MH," might already encompass Nintendo's future portable plans. A Wall Street Journal report from last October suggested the NX would be a TV-based/portable console hybrid of sorts. Then, in December, a Nintendo patent application surfaced showing a potential handheld console design with a curved touchscreen. Everyone assumed this was a glimpse into the already announced NX, but could that patent actually be the rumored "MH"?

We tend to doubt it. More likely, the analysts at Mitsubishi UFJ Morgan Stanley are simply predicting that Nintendo is planning to release a new portable system in the next few years (and have given it their own codename for reference). It's a relatively safe assumption, since Nintendo has released new portable hardware on a relatively consistent cycle every few years since 1989. But it's not an assumption that requires or implies any insider info about Nintendo's plans (and it's not a sure thing given the 3DS' worse-than-expected sales performance so far).

As Japanese game industry consultant Serkan Toto tweets, the note is likely "picturing a scenario" for Nintendo. "Such 'rich' forward-looking analysis and also the wording is standard in investor notes," he added. "I know because I read *tons* of them."

Recall that, here in the US, Wedbush Morgan analyst Michael Pachter predicted the existence of an imminent "Wii HD" console starting in 2007 and adamantly reiterated that prediction for years afterwards. Even though no such system materialized (and no, the Wii U doesn't count), Pachter's reports took on the air of fact to many who reported them.

We wouldn't be absolutely shocked if Nintendo announces another portable system in the near future. But an off-handed mention of a codename in a Japanese analyst's report doesn't really change our expectations one way or another.