- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Research Round-Up for the Week ending April 5, 2019
The Weekly Comment by Pelham SmithersNomura’s struggles suggest that the days of the traditional Japanese retail broker are numbered. Might Nomura, once again, copy a US brokerage firm to escape its predicament?
Reports / Flash Notes Summaries
1. US Auto Sales Decline in March, but SAAR Surges
2. In Semiconductors, Is "Poor" Good Enough?
Company / Sector / Thematic Comments at a Glance
Technology: Consumer Electronics / Gaming
1. Sony (6758 JT) To Cut Smartphone Workforce 50% by 2020
Technology: Industrial Electronics / SPE / Precision / Crypto Currencies
2. Disco (6146 JT): Read-across from Preliminary Parent Sales for FY18 4Q
3. In Semiconductors, Is “Poor†Good Enough?
4. Ricoh (7752 JT): Cheap or Expensive?
5. Bitcoin’s Back
Chemicals / Materials
6. Toyota’s (7203 JT) HV Patent Policy May Help Shin-Etsu Chemical (4063 JT)
7. Japan Display(6740 JT) Nears a Deal / May Supply the Apple Watch
8. W-Scope (6619 JT) Shares Continue Their Recovery
9. Boeing (BA US) 737 Max and the Supply Chain
Autos
10. Auto Shares End the Week Higher on Hopes of US-China Trade Deal
11. Chinese EV Subsidy Cut – Impact on Japanese Assemblers
Auto Parts / Machinery
12. Daifuku (6383 JT) Q4 Recovery Shines
Internet / eCommerce
13. GungHo (3765 JT) Hit by Profit Taking
14. istyle (3660 JT) to Partner with Korea’s Glowdayz
15. CyberAgent (4751 JT) Launches WinTicket and Exports a Hit Game
Enterprise Software
16. Solxyz (4284 JT) Cancels Stock Option Rights
17. IIJ’s (3774 JT) Cryptocurrency Exchange Launch Coincides with Bitcoin’s April Fools Boost
Macro
18. Macro Data: China PMI Positive / Japan’s Tankan Mildly Negative; Capex is Slowing; March PMI Holds 50
PSA Company Visits, Tours and Interviews
Contacted / Interviewed: Toray (3402 JT)
Weekly Comment by Pelham Smithers
As Nomura Securities (8604 JT) sets about removing US$1bil in costs and exiting various ex-Japan businesses, its fortunes could not be more different than SBI Holdings (8473 JT) – the upstart securities firm that emerged from eTrade Japan, and now has the second highest number of private broking accounts, behind Nomura itself, and is soon expected to overtake. As the latest round of cost-cutting shows, Nomura’s immediate problems lie in its international business, with both US and Europe losing money in FY17 only to see the losses widen so far this year. However, while Nomura’s overseas performance is merely the latest in a 40yr history of trying and failing to make the grade as an international investment bank, it is the collapse in profits at home which signal the biggest quandary.
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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