PSA Japan Research Round-Up for the week to May 29

The Weekly Comment Summary
Shark scales have shown a way for Nikon's product development to keep pace with materials needed for the 2020s. The pity is that Covid-19 is disrupting Nikon's opportunity. Pelham Smithers highlights the potential and the problems currently faced by Nikon.

Contents at a Glance
Reports / Flash Notes Summaries
1. Z Holdings (4689 JT) – From Y to Z, What’s Next?
2. Nomura Research Institute (4307 JT) – The Covid-19 Balancing Act
3. MinebeaMitsumi (6479 JT) – Switching into High Gear
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Sony Slashes PSVR Mega Pack Price / 3 June Event Expected to be PS5 Unveil
2. Business Improving at Square Enix (9684 JT)
3. Capcom (9697 JT) Announces Season “V” Street Fighter V
Technology: Industrial Electronics and Electronic Components
4. Hitachi’s (6501 JT) FY19 4Q OP +178% YoY
Technology: Semiconductor Production Equipment & Precision
5. Very Different Moves in Fujifilm (4901 JT) and Konica Minolta (4902 JT)
6. Nikon (7731 JT): FY19 OP -91.8% YoY
Chemicals / Materials
7. Comparing TDK’s (6762 JT) and PSA’s FY20 Assumptions
8. Toray (3402 JT) Guides for FY20 OP -44% YoY%
Autos
9. Isuzu (7202 JT) Predicts Sharp Drop in Profits on Covid-19 Impact
10. Suzuki (7269 JT) Reports Heavy Sales Drops in FY19 Q4
11. Renault-Nissan Alliance Shows Unity
12. Nissan (7201 JT) Reports Record Losses on Sales Plunge and Impairment Charges
13. Automakers to Suffer from US Car Rental Market Downfall
Auto Parts / Machinery 13
14. Daifuku (6383 JT) and Nabtesco (6268 JT): How Much Higher?
15. GS Yuasa Battery (6674 JT) Earnings Call Feedback
Internet / eCommerce
16. ZOZO (3092 JT): A Covid-19 Beneficiary, But Not Cheap
17. Recruit (6098 JT): A Beneficiary of the Post-Covid World
Enterprise Software 16
18. Cybozu (4776 JT) Feb / Mar OP: Struggles to Collect Data During Covid-19
19. Japan’s Short Lockdown Doesn’t Necessarily Mean a Return to the Office for All
Pharma
20. Otsuka Holdings (4578 JT): A Potential GARP Play Among Japanese Pharma
Miscellaneous 9
21. Dentsu (4324 JT) Triples FY20 1Q OP
Market / Strategy
22. How Japan Might Look Following the End of Lockdown
Macro 21
23. Second Stimulus Plan Announced
24. Could, Should the Economy Have Been Worse Last Month?

PSA Company Visits, Tours & Interviews
• Visited: TDK (6762 JT), Dexerials (4980 JT)
• Interviewed / Conference Call with: MinebeaMitsumi (6479 JT), Daifuku (6383 JT), SMC (6273 JT), Fujikura (5803 JT)
• Participated in earnings call with: Toray (3402 JT), Konica Minolta (4902 JT), Maxell Holdings (6810 JT)
• Participated in strategy call with: Sumitomo Chemical (4005 JT), Asahi Kasei (3407 JT), GS Yuasa (6674 JT), HCM (6305 JT), Mabuchi Motor (6592 JT), NGK Spark Plug (5334 JT), Recruit Holdings (6098 JT)