PSA Japan Research Round-Up for the Week ending April 26 and including Easter Friday, 2019

The Weekly Comment
How to describe prevailing conditions for Japan’s stock markets as we head towards the new Imperial era? Pelham Smithers finds them….MonkaS, as he explains
Reports / Flash Notes Summaries
1. TDK (6762 JT) – Shares Recovering After a Large Correction
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics / Gaming
1. Tencent Okayed to Distribute Nintendo’s (7974 JT) Super Mario in China
2. Nintendo (7974 JT) Beats, but Guidance is Very Low
3. Sony (6758 JT) Guidance Down, but Higher than Our Forecasts
4. Akatsuki Inc (3932 JT) Delivers Strong Earnings Hint for SQE (9684 JT)
Technology: Industrial Electronics / SPE / Components / Precision
5. NEC (6701 JT) Guidance Starts to Reflect What the Company is Capable Of
6. Murata (6981 JT) Sees Earnings Decline
7. Canon (7751 JT) 1Q / FY19 Revision as Telegraphed by Nikkei
8. Nidec (6594 JT) FY19 Forecasts Well Short of Expectations
9. Rohm (6963 JT) Acquires Panasonic’s (6752 JT) Diodes Business
10. SPE Capex Plays’ Results
Chemicals / Basic Materials / Electronic Materials
11. Hitachi Chemical (4217 JT) Shares Bid Higher Again
12. JSR (4185 JT): FY18 Earnings Disappoint and FY19 Forecasts are Uninspiring
13. Huawei’s Strong Q1 is Good for TDK (6762 JT)
14. TSMC (2330 TT) Says Worst is Over
15. Daiwa House Revision (1925 JT); Housing Tax Update
16. Graphite Electrode Shares Fall
Auto
17. Suzuki (7269 JT) Lowers FY18 Forecast
18. Nissan (7201 JT) Lowers FY18 Earnings Forecast
19. Hino Motors (7205 JT) Cautious on FY19 Outlook
Auto Parts / Machinery
20. Fanuc FY18 (6954 JT) OP and Capex Above Consensus; Bleak FY19 Forecasts
21. Denso (6902 JT) Falls Short for FY18
22. Koito’s (7276 JT) Guidance Disappoints
23. Daikin (6367 JT) Up on Fujitsu General’s Guidance (6755 JT)
24. Nabtesco (6268 JT) FY19 Q1 Slightly Positive
Internet / eCommerce
25. ZOZO (3092 JT) Collapsed on Dim Outlook7
26. CyberAgent’s (4751 JT) Earnings Beat
Enterprise Software
27. Cybozu (4776 JT) Maintains Strong OP and Sales Growth in Q1
28. Another Bumper Year for Obic (4684 JT)
29. NRI (4307 JT) FY18 Beat; Doubles Down on Digital Transformation Focus
30. M3 (2413 JT) Reefs the Sails with its FY19 Forecasts
Telecom
31. Nikkei Suggests a Weaker FY19 for NTT Docomo (9437)
Pharmaceuticals
32. Chugai Pharma (4519 JT) Delivers Punchy 1Q OP
Miscellaneous
33. MUFG (8306 JT) Incurs a Large IT Writedown – TIS (3626 JT) Sold Down
Macro / Market
34. March Industrial Production / Retail sales / Tokyo CPI
35. China’s 1Q 2019 Liquidity Boom

PSA Company Visits, Tours and Interviews
• Attended earnings meeting at: JSR (4185 JT), Sekisui Chemical (4204 JT), Dexerials (4980 JT), Hitachi Chemical (4217 JT), Shin-Etsu Chemical (4063 JT), Zeon Corp (4205 JT), Tokuyama (4043 JT), TDK (6762 JT), Nitto Denko (6988 JT), CyberAgent (4751 JT), Monex (8698 JT), Fanuc (6954 JT), Komatsu (6301 JT)
• Contacted / Interviewed: TIS Inc (3626 JT)
• Participated in earnings calls of: LINE (3938 JT), Yahoo Japan (4689 JT), ZOZO (3092 JT), Nabtesco (6268 JT)

PSA in the Press
Pelham Smithers on specs for Sony’s (6758 JT) PS5: /article/sony-ps5-release-date-price-specs