Report
Joel Scheiman ...
  • Julie Boote
  • Lindsay Whipp
  • Pelham Smithers
  • Thao Nguyen
  • William Nestuk

PSA Japan Research Round-Up for the week ending Feb 14, 2020

The Weekly Comment Summary
Monday Feb 17 sees the release of Japan’s Q4 2019 GDP numbers and they are expected to be awful. Taking it from there, Pelham Smithers weighs up what this means for Abe and his administration.

Reports / Flash Notes Summaries
1. Japan Market Strategy: Where Are We and What Are the Prospects for 2020?
2. GA Technologies (3491 JT) – Providing Tech-Based Solutions to Renovate the Real Estate Industry

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Read-Across from Samsung’s (005930 KS) 2020 Smartphone Pricing Strategy
2. Nexon (3659 JT): Excellent in Korea
3. Sony (6758 JT) Still Having Trouble Getting PS5 Costs Down
4. Dragon Quest Walk on the Move Again
Technology: Electronic Components and Precision
5. Harmonic Drive Systems (6324 JT) Reports FY19 3Q Loss but Orders Up
6. V Technology (7717 JT) FY19 3Q OP -38% YoY, Revises Down Full Year
7. Can Hitachi (6501 JT) Close its Credibility Gap?
Technology: Bitcoin / Cryptocurrency and Blockchain
8. Crypto-Related Stocks Climbing
Chemicals / Materials
9. Era of Excess Profits Over for Graphite Electrode Plays
Autos
10. Suzuki (7269 JT): FY19 Q3 Earnings Down on Asia, Japan; Stabilisation in India
11. Nissan (7201 JT): FY19 Q3 Profits Collapse on Weak Sales, Forex Losses
12. Jan 2020 China Auto Sales -18% YoY: Japanese Outperform
Auto Parts / Machinery
13. Daifuku (6383 JT) Posts Record FY19 Q3 Auto Orders / Looks to Record Q4 Orders
14. Daikin (6367 JT): FY19 Q3 Disappoints for Chemicals; China-Sourced Components a Concern
15. Nabtesco (6268 JT): Decent FY19 Q4 and FY12/20 OP Guidance of ¥32bil (+26% YoY)
16. Ferrotec (6890 JT) FY19 Q3 Shows Weakening Trend
Telecom
17. SoftBank Group’s (9984 JT) Small FY19 3Q Profit
Internet / eCommerce
18. istyle (3660 JT) Double Negative – Huge Extraordinary Losses and Gloomy FY20 Prospects
19. Rakuten (4775 JT): FY19 Results: FinTech Remains Firm While Internet Services and Mobile Bleed Cash
20. Recruit’s (6098 JT) FY19 Q3 Earnings Miss
Enterprise Software
21. Cybozu (4776 JT) Special Loss No Impact to Existing Forecast
Miscellaneous
22. Dentsu (4324 JT) In Hot Water

PSA Company Visits, Tours and Interviews
• Visited: TDK (6762 JT)
• Attended earnings meetings at: Kuraray (3405 JT), Daiichi Seiko (6640 JT), KH Neochem (4189 JT), Sumco (3436 JT), W-Scope (6619 JT), Showa Denko (4004 JT), Tokyo Ohka Kogyo (4186 JT), Nissha (7915 JT)
• Attended strategy meeting at: Mitsubishi Chemical Holdings (4188 JT)
• Watched earnings webcast of Rakuten (4755 JT)
• Participated in earnings call with: Kaneka (4118 JT), SoftBank Group (9984 JT)
Provider
Pelham Smithers Associates Ltd
Pelham Smithers Associates Ltd

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. 

Analysts
Joel Scheiman

Julie Boote

Lindsay Whipp

Pelham Smithers

Thao Nguyen

William Nestuk

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