- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Japan Research Round-Up for the week ending 18 May, 2018
The PSA Japan Research Round-Up for the week ending 18 May, 2018The Weekly Comment by Pelham Smithers
With the price of gold moving two years ahead of changes to US monetary base, though not a perfect indicator of the “value of the dollarâ€, in these times of a monetary race to the bottom, it is a pretty good one. Implications for market and sector strategy are discussed, with Japanese shares looking relatively attractive.
Contents at a Glance
Results Flash Note Summaries
1. SBI Holdings (8473 JP): Switching Earnings Focus from Broking to Asset Management
2. Fanuc (6954 JP): China Robotics and Non-China FA to Boost Earnings
Company / Sector / Thematic Comments
1. What Now for Video Game Stocks?
2. eSports Selected for 2018 Asian Games
3. Nintendo (7974 JP) Making eSports Push with Smash Bros for Switch
4. Panasonic (6752 JP) Showing Understandable Lack of Commitment to Chinese Tesla Factory
5. Sony (6758 JP): Buys into Peanuts Brand and Announces Layoffs at Sony Pictures
6. Might Murata’s (6981 JP) MetroCirc be Core to the 5G Antenna Market?
7. Toshiba (6502 JP) FY17 Results / China Approves Memory Sale
8. Fujifilm (4901 JP) / Xerox (XRX US) Deal Off
9. Cryptocurrency Stocks to the Fore
10. Little Enthusiasm for Truck Makers
11. Nissan (7201 JP) Expects Further Profit Decline Despite Low Base of Comparison
12. Automation / Smartphone-Plays Bounce
13. SMC (6273 JP): Strong FY17 and Continued FY18 Uptrend / Can SMC Sustain the Record OPMs?
14. Position Building in NOK (7240 JP)
15. IIJ (3774 JP) Delivers Highest OP Since FY12
16. Recruit (6098 JP) Beats Guidance
17. DeNA (2432 JP) Guides for Further Earnings Deterioration
18. mixi (2121 JP) to Invest ¥100bil over the Next Few Years
19. Kakaku.com (2371 JP): FY17 Results Missed Guidance
20. Takeda (4502 JP) Forecasts Earnings Decline
21. Cyberdyne (7779 JP): Arithmetic Progression, When Exponential Progression Expected / Needed
22. FY17 Results Season Overview
23. Japan GDP Negative in 1Q
PSA Company Visits, Tours and Interviews
• Visited Teijin (3401 JP), Kaneka (4118 JP)
• Attended earnings meetings at Sumitomo Dainippon Pharma (4506 JP), Sumitomo Bakelite (4203 JP), Konica Minolta (4902 JP), Central Glass (4044 JP), Kuraray (3405 JP), Mitsui Chemicals (4183 JP), Japan Display (6740 JP), Sumitomo Chemical (4005 JP), Fujifilm Holdings (4901 JP), Tosoh (4042 JP), Fujimi (5384 JP), SMC (6273 JP), GS Yuasa (6674 JP), Lifenet (7157 JP), Netyear (3622 JP), Kureha (4023 JP), Daifuku (6383 JP)
• Attended information meetings at Kaneka (4118), JSR (4185 JP), Taiyo Nippon Sanso (4091 JP), Sumitomo Metal Mining (5713 JP), TDK (6762 JP)
Weekly Market Comment by Pelham Smithers.
During the 2000s, gold has been a pretty good lead indicator of US monetary policy, with the price of gold moving two years ahead of changes to US monetary base (see chart below). While not a perfect indicator of the “value of the dollarâ€, in these times of a monetary race to the bottom, it is a pretty good one.
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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