- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Japan Research Round-Up for the Week ending October 25
The Weekly Comment Summary by Pelham SmithersThursday this week saw results season kick off in earnest. Pelham Smithers sees reasons to be cheerful.
Reports / Flash Notes Summaries
1. SoftBank Group (9984 JT) – WeWork Acquisition: Comdex on Steroids?
As SoftBank Group wrestles with the WeWork debacle, Pelham Smithers looks at SoftBank Group’s NAV and what is expected to be its dismal 2Q FY19. Despite the negative issues, he sees indirect benefits from the WeWorks connection, drawing parallels with SoftBank’s interesting and synergistic 1995 Comdex purchase. Pelham considers SoftBank Group as against SoftBank Corp and states his preference.
2. Takeda Pharmaceutical (4502 JT) – Can Management Extract Merger Rewards, as Merger Risks Remain?
Takeda bid for Shire in 2018 and the merger completed in 2019. Pelham Smithers analyses how optimistic we should be about prospects for Takeda now that the company has achieved scale.
3. Eisai (4523 JT), Biogen (BIIB US) and Aducanumab – Long Study Data Reveals Efficacy
In an enormous announcement, Eisai’s partner Biogen said that long study data delivered on aducanumab – months after the drug had been pulled from trials for inefficaciousness – does seem to work if (1) used early enough, and (2) used a high enough dosage. In this report, Pelham Smithers discusses the potential green field in AD treatment, models the impact on Eisai’s earnings if the drug is FDA approved and puts the valuations into perspective against its peers.
4. Fanuc (6954 JT): FY19 Q2 Preview: Robotics Should Offset Weak FA
Ahead of Fanuc’s FY19 Q2 Oct 28 release, analyst William Nestuk previews the earnings outlook, highlighting the positives and negatives for each of the four business divisions.
PSA Company Visits, Tours and Interviews
• Interviewed / Conference Call with: Asahi Kasei (3407 JT)
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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