PSA: The PSA Weekly Research Round up for the week to 21 June 2024

Weekly Market Comment by Pelham Smithers
Has the Tokyo Market Lost its Thrill?
The slump in trading volumes in the Japanese stock market in June is happening too early to be summertime blues and reflects more the lack of attractiveness of the Japanese stock market… for now.

Reports / Flash Notes Summaries
1. Hino (7205 JT): Long Path to Recovery
As the emission data manipulation case is dragging into its fourth year, Hino’s earnings outlook for FY24 remains weak. Sales restrictions in Japan and poor market conditions in Asia are limiting Hino’s sales growth, and high costs are weighing on profitability. But is there an upside? Analyst Julie Boote investigates.

PSA Company Visits, Tours and Interviews
Visited / Calls with: Hamee (3134 JT), Park24 (4666 JT), Fujifilm Holdings (4901 JT), UBE Corp (4208 JT), TDK (6762 JT), Envipro Holdings (5698 JT), Resonac Holdings (4004 JT), Kaneka (4118 JT), Komatsu (6301 JT), Nabtesco (6268 JT)
Presentations at: Hamee (3134 JT), Park24 (4666 JT), Kokusai Electric (6525 JT), Kuraray (3405 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Hino (7205 JT): Long Path to Recovery

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Why has Sony Acquired the Alamo Drafthouse Cinema Chain?
2. Comment ahead of the June Nintendo Direct to Air
3. Nintendo Surprises with Another Zelda Game
4. Bandai Namco Summer Showcase 5 Jul
5. Video Games Industry Round-up
6. Other Consumer Elec / Gaming
Technology: Industrial Electronics / Components / Semis & SPE / Precision
Chemicals / Materials
7. TDK Announces Advance in Small Solid-State LiBs
8. Central Glass: News on SiC, LiB Electrolytes
9. Other Chemicals / Materials News & Moves That Caught Our Eye
Autos / New Mobility
10. Deteriorating Business Conditions for Financial Services in the US
11. Mitsubishi Motors Plans more Shareholder Friendly Policies
12. Japanese Automakers Outperform in Europe
13. Other Auto News & Moves That Caught Our Eye
Auto Parts / Machinery / Capital Goods
14. MHI Climbs to Third Day of Listing Highs
15. Machinery / Capital Goods News & Moves That Caught Our Eye
Internet / eCommerce / Telecom
Enterprise Software / IT Services
16. An Overview of Chatwork, Japan’s Answer to Slack: Expanding from Business Chat to BPO for SMEs
17. Is Sentiment Shifting at Last for Japan Small Cap AI?
18. Colour on the Mid-Career Hiring Market from Visional
19. Cybozu Raises FY24 Sales and OP Forecasts
20. Other ERP Software / IT Services News & Moves That Caught Our Eye
Pharma / Healthcare
21. Healthcare Equipment Round-Up
22. Takeda’s Soticlestat Falls Short in Phase III Trials
23. Will Nippon Shinyaku’s Mid-term Plan Work?
24. Other Pharma / Healthcare News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
25. Hamee’s FY24~25 Business Outlook
26. Tourism data for May: third month in a row of 3mil + visitors
Miscellaneous / Market / Strategy / Macro
27. BoJ April Meeting Minutes Signal Growing Role of Currency in Interest Rate Policy
28. May Nationwide CPI Implications
29. Other News & Moves That Caught Our Eye
List of Recently Published PSA Reports