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

PSA Japan Research Round-Up for the week ending Friday the 13th of March, 2020

The Weekly Comment Summary
First, the body blows to the economy and the market of the Oct 2019 consumption tax hike and typhoon Hagibis, and now, the knock-out punch from Covid-19. Pelham Smithers discusses the expected net impact of Covid-19 on Topix sectors over the short, medium and long term.

Reports / Flash Notes Summaries
1. WingArc1st (4432 JT): A Pre-Listing Gander
2. Mazda (7261 JT) – Improved Fundamentals but Recovery Delayed
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Sony (6758 JT) Makes In-House PS4 Exclusive Available on PC / Steam
2. Global Theatrical Market +8% in 2019
Technology: Industrial Electronics, Electronic Components and Precision
3. Ricoh (7752 JT) Cuts Forecast, Sells Down Leasing Position
Chemicals / Materials
4. Falling Crude: Impact on Chemicals
5. Ohara Inc. (5218 JT) Pulls its Guidance on Uncertainty
Autos
6. Japanese Auto Stocks Sold off on Yen Strength, Global Demand Concerns
Auto Parts / Machinery
7. Auto Parts Makers Face Covid-19 Ahead of Expected 2030 Global Vehicle Sales Peak
Enterprise Software
8. WingArc1st (4432 JT) Pulls its IPO, Again
9. Microsoft Japan’s Free Remote Work Tools – Read Across to Cybozu (4776 JT)
10. Sansan’s (4443 JT) New Businesses
11. Poletowin Pitcrew (3657 JT) Beats FY19 OP Target; FY20 OP CE Growth to Slow
Telecom
12. SoftBank Group (9984 JT): A Question of Leverage
13. Rakuten (4755 JT): A Deeper Look into Its Mobile Pricing Plan
Pharma
14. ViiV’s Cabenuva Shows Non-Inferiority in Phase 3 HIV Trials
Macro / Miscellaneous
15. MonotaRO (3064 JT): Feb Sales +18% YoY, Adjusted +24.5% YoY
16. Fiscal Response Worries / More Weak Data
17. Trump “on Tilt”
18. Companies to Investors: (Some) Japanese Shares are Cheap

PSA Company Visits, Tours and Interviews
• Visited: Mitsubishi Chemical Holdings (4188 JT)
• Interviewed / Conference Call with: Nabtesco (6268 JT), Toyota Ind (6201 JT), Yokohama Rubber (5101 JT), Cybozu (4776 JT), Mazda (7261 JT)
• Analysts Call with Rakuten (4755 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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