Pelham Smithers Associates Ltd - PSA Today 14 Feb: US Inflation, Ukraine concerns / Dentsu 4Q / Ulvac 2Q / Torex 3Q / Showa Denko poor FY22e / W-Scope signals recovery / Isuzu retains FY21 OPe / Diamond Elec revises down / Ferrotec Q3 / Enechange conservative – Nikkei 22

Report

Pelham Smithers Associates Ltd

Joel Scheiman ...

Julie Boote
Lindsay Whipp
Pelham Smithers
William Nestuk

PSA Today 14 Feb: US Inflation, Ukraine concerns / Dentsu 4Q / Ulvac 2Q / Torex 3Q / Showa Denko poor FY22e / W-Scope signals recovery / Isuzu retains FY21 OPe / Diamond Elec revises down / Ferrotec Q3 / Enechange conservative – Nikkei 22

Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk and Lindsay Whipp
Tags: Sysmex (6869 JT), Tokyo Electron (8035 JT), Lasertec (6920 JT), Hoya (7741 JT), Mazda (7261 JT), Toyota Motor (7203 JT), Nissan Motor (7201 JT), Bridgestone (5108 JT), Goodyear Tire and Rubber (GT US), Murata (6981 JT), SoftBank Group (9984 JT), Dentsu (4324 JT), Ulvac (6728 JT), Torex Semiconductor (6616 JT), Showa Denko (4004 JT), W-Scope (6619 JT), Isuzu Motors (7202 JT), Hino Motors (7205 JT), Diamond Electric (6699 JT), Ferrotec (6890 JT), Enechange (4169 JT), Shift Inc (3697 JT)
Main Points
• Tokyo slides on US inflation, Ukraine tension
• Dentsu 4Q FY21 (Dec yr-end) OP ¥33.1bil
• Ulvac 2Q FY22 (Jun yr-end) OP +61% YoY
• Torex Semi 3Q FY21 OP +157% YoY
• Showa Denko’s FY22 guidance disappoints
• W-Scope signals a recovery
• Isuzu retains OP forecast despite external headwinds
• Diamond Electric revises down
• Ferrotec Q3 slightly soft
• Enechange sets conservative sales forecast

14/02/2022 1 EN

Provider

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.

See profile

Analysts

Joel Scheiman

Julie Boote

Lindsay Whipp

Pelham Smithers

William Nestuk

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PSA Today 14 Feb: US Inflation, Ukraine concerns / Dentsu 4Q / Ulvac 2Q / Torex 3Q / Showa Denko poor FY22e / W-Scope signals recovery / Isuzu retains FY21 OPe / Diamond Elec revises down / Ferrotec Q3 / Enechange conservative – Nikkei 22

PSA Today 30 Apr: Good earnings, trade hopes / Macro / Video games / Auto tariffs / Analyst comments: SQE, Sony CMOS, Koei Tecmo, Murata, Melco, Nabtesco, Sumi Chem, TIS, NTT Data, MACP, MARI – Nikkei 225 +0.57% | ¥$142.54

PSA Today 28 Apr: Sentiment uptick / FY24s for Hitachi, NEC / Socionext woes / TDK, Komatsu: weak FY25 guidance / Toyota Industries to be taken private? / JMDC preview / CUC FY25 guidance conservative – Nikkei 225 +0.38% | ¥$143.83

The PSA Research Round-Up for the Two-Week Period Covering 11~25 April 2025

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