PSA Japan Weekly Research Round-Up for the week ending August 4th
PSA Japan Weekly Research Round-Up for the week ending August 4th, you have:
The Weekly Comment by Pelham Smithers :
With Abe's popularity plunging, we take a look at the leadership landscape.........
Reports / Flash Notes Published This Week: Headlines at a Glance (full reports available upon request):
1. Autos: Mazda (7261) Finally Joining the Toyota (7203) Family
2. Autos: US Auto Sales for July – The Japanese Continue to Outperform
3. Autos: Honda (7267) Good FY17 Q1 Results – More Room for Earnings Upgrades
4. Autos Parts: Denso (6902) FY17 Q1 – Cost Cutting Commences
5. Autos Parts: Toyota Gosei (7282) FY17 Q1 – Better H2 Story
6. Chemicals: TDK (6762) FY17 Q1 – Surprising Resilience After Carving Out RF Assets
7. Chemicals: Zeon (4205) / JSR (4185) – Electronic Materials Strong, Divergent Quarters for Elastomers
8. Chemicals: Teijin (3401) FY17 Q1 – Modest Increase in Guidance, No Large Surprise
9. Chemicals: Sumitomo Chemical (4005) FY17 Q1 Results – Justification to Raise Guidance Later in the Year
10. Chemicals: Mitsui Chemicals (4183) FY17 Q1 Call – Good News for Petrochemicals Already Discounted?
11. Chemicals: Asahi Kasei (3407) FY17 Q1 – H1 Upward Revision Was Predictable
12. Chemicals: Tokyo Ohka Kogyo (4186) FY17 Q1 – Guidance is Looking Conservative
13. Technology: Sony (6758) – How Good, Really, Was Its “Blow-out” June Quarter?
14. Internet: Yahoo Japan (4689) FY17 Q1 – Many Key Performance Indicators Hit Record Highs
Company / Sector / Thematic Comments at a Glance (Please ask for more details):
Technology: Consumer Electronics / Gaming / Industrial Electronics / Precision / Electronic Components
1. Sony (6758): Sony Pictures Update – Looking Good
2. Square Enix (9684): Strong Q1 Merits a Rerating on the Stock
3. Nintendo (7974): Switch Sales Move up a Gear or Two
4. Murata (6981): FY17 1Q Results – Weird, Not Wonderful
5. Toshiba (6502), Western Digital in Compromise
6. Apple’s Q3 Boosts Shares in Supply Chain Names
Autos
7. Toyota (7203) FY17 Q1: North American Operations Remain Weak
8. Suzuki (7269): Excellent FY17 Q1 Results – an Earnings Upgrade Looks Likely
9. Subaru (7270) Easy Comps for FY17 Q1 – Concerns of Further Deterioration in the US Remain
10. Isuzu (7202) Nikkei Preview – Set to Beat FY17 Q1 Consensus; Strong Sales Should Continue to Absorb Higher Costs
11. Mazda (7261): FY17 Q1 Hurt by Weak Passenger Car Demand in the US
Auto Parts / Machinery
12. Mitsubishi Electric (6503): Better Than Expected FY17 Q1 a Positive Read-Across to Daikin
13. Minebea Mitsumi (6479): Further Upgrades to Come as Switch Production Kicks In
14. NOK (7240): Construction Machinery Recovery to Boost the Profitable Seals Business Further
15. Automation Stocks Continue to Rally
Chemicals
16. Zeon Corp (4205): FY17 OP Guidance Suddenly Looks Potentially Conservative
17. Asahi Kasei (3407: Adds Housing in Australia
Telecom
18. SoftBank (9984): Offering to Merge Sprint with Charter Communications / or Dish Networks?
19. Sprint’s Strong 1Q Numbers Do Not Align with SoftBank’s Division Profits for Sprint
Internet
20. GungHo (3765): Another Disappointing Quarter
21. Start Today (3092): Kicked off FY17 in Style
22. Kakaku.com (2371): Unimpressive FY17 Q1 Results – Unlikely to See Earnings Surprises Ahead
23. Gree (3632): Faltering Performance of FY17 Q4 Will Likely Keep Marketing Expenses High
Pharma
24. Shionogi (4507): Weak 1Q Could Provide an Entry Opportunity
PSA Company Visits, Tours and Interviews:
• Attended earnings meetings for Nippon Electric Glass (5214), Zeon Corp (4205), GMO Payment Gateway (3769), Nikon (7731), iStyle (3660), Mitsubishi Electric (6503), KH Neochem (4189)
• Participated in earnings calls for Start Today (3092), Honda (7267), Toyota (7203), Yahoo Japan (4689), Toyota (7203), Mitsubishi Chemical Holdings (4188), Nitto Denko (6988), Teijin (3401), Tosoh (4042), Sumitomo Chemical (4005), Ube Industries (4208), JSR (4185), Mitsui Chemicals (4183), Asahi Kasei (3407)
• One on One meeting with Nidec (6594) IR
• Phone interviews with Toyoda Gosei (7282), Tokyo Ohka Kogyo (4186)
• Visited JSR (4185), TDK (6762)
Mazda Motor and its affiliates are mainly engaged in the manufacture and sale of passenger and commercial vehicles. Co. provides compact vehicles, sports cars, sedans, mini vans, light cars, commercial vehicles, welfare vehicles and customized vehicles, as well as car accessories. Co.'s principal products are four-wheeled vehicles, gasoline reciprocating engines, diesel engines, and automatic and manual transmissions for vehicles. Co.'s principal brand automobiles include Demio, Axela, Atenza, CX-3, CX-5, CX-8, Roadster, Carol, Flair, Flair Wagon, Scrum Wagon, Bongo, Titan, Familia Van, and Scrum Van/Truck.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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