Pelham Smithers Associates Ltd - PSA Today 2 Feb: Strong earnings boost market / Sony, Panasonic, Hitachi, M3, Tokyo Seimitsu 3Qs / US Jan auto figures / Denso, Aisin, Toyota Ind, Melco 3Qs - Nikkei 225 +1.68%

Report

Pelham Smithers Associates Ltd

Joel Scheiman ...

Julie Boote
Pelham Smithers
William Nestuk

PSA Today 2 Feb: Strong earnings boost market / Sony, Panasonic, Hitachi, M3, Tokyo Seimitsu 3Qs / US Jan auto figures / Denso, Aisin, Toyota Ind, Melco 3Qs - Nikkei 225 +1.68%

Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, and William Nestuk
Tags: ANA Holdings (9202 JT), Murata (6981 JT), Alps Alpine (6770 JT), NGK Spark (5334 JT), Denso (6902 JT), Astellas Pharma (4503 JT), Mitsubishi Electric (6503 JT), AMD (AMD US), Ibiden (4062 JT), Shinko Electric (6967 JT), Intel (INTC US), Renesas (6723 JT), TSMC (2330 TT), Lasertec (6920 JT), Tokyo Electron (8035 JT), Sony (6758 JT), Shionogi (4507 JT), Pfizer (PFE US), Isetan Mitsukoshi (3099 JT), Takashimaya (8233 JT), Dexerials (4980 JT), Apple (AAPL US), Microsoft (MSFT US), Panasonic (6752 JT), Hitachi (6501 JT), M3 Inc (2413 JT), Tokyo Seimitsu (7729 JT), Toyota Motor (7203 JT), Honda (7267 JT), Subaru (7270 JT), Mazda (7261 JT), Aisin Corp (7259 JT), VW (VOW GR), Toyota Industries (6201 JT), Yaskawa Electric (6503 JT), Fanuc (6954 JT)
Main Points
• Japan shares higher again on earnings results, earnings expectations
• Sony 3Q FY21 OP +35% YoY
• Panasonic 3Q FY21 OP -44% YoY
• Hitachi 3Q AOI +28% YoY
• M3 Inc 3Q FY21 OP +21% YoY
• Tokyo Seimitsu 3Q FY21 OP +108% YoY
• US auto sales continue to fall, but margins set to rise
• Denso still looks to ¥600bil for FY22 OP
• Aisin firm on cost reduction

02/02/2022 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

Pelham Smithers

William Nestuk

Other Reports from Pelham Smithers Associates Ltd

Julie Boote

Julie Boote

PSA Autos /New Mobility: The Case for Honda (7267 JT) over Toyota (7203 JT)

Having published the latest PSA Focus List in the 30 June Japan Stock Market Strategy report, Julie Boote explains why there are short-term positives for Honda over Toyota.

14h / 29m 14h / 29m 1 EN

Hiroyuki Terada ... (+5)

Hiroyuki Terada
Julie Boote
Pelham Smithers
Thao Nguyen
William Nestuk

PSA Today 1 July: Tariff worries / Capcom's rich showcase / The case for Honda over TOY / Fujikura, Melco listing highs / Insource June KPIs – Nikkei 225 -1.24% | ¥$143.62

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, William Nestuk, Thao Nguyen and Hiroyuki Terada Tags: Furukawa Electric (5801 JT), Fujikura (5803 JT), Nintendo (7974 JT), Murata (6981 JT), Toyota Motor (7203 JT), Screen (7735 JT), Lasertec (6920 JT), Kioxia (285A JT), Toho (9602 JT), Capcom (9697 JT), Sega Sammy (6460 JT), Zojirushi (7965 JT), LY Corp (4689 JT), Electronic Arts (EA US), Take Two (TTWO US), Bandai Namco (7832 JT), Konami (9766 JT), Honda Motor (7267 JT), Toyota Industries (6201 JT), General Motors (GM US), Ford (F US), Google (GOOG US), Commonwealth Fusion Syst...

16h / 23m 16h / 23m 1 EN

Pelham Smithers

Pelham Smithers

PSA Japan Stock Market Strategy for 2025 Q3

As we discussed in our Strategy report published three months ago, four key conditions in place propelled the Japanese stock market higher in 2005 H2. These were (1) cheap valuations, (2) strong earnings growth, (3) BoJ being behind the curve and (4) fund flows going back into Japanese equities (foreign net buying). In our 2 Jan 2025 Japan Perspective, we argue that we were moving towards (but had not yet reached) a situation whereby the first four conditions were being met with sufficient vigour to trigger another leg-up in the stock market. Three months ago, we suggested that the first three...

June 30, 2025 June 30, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

PSA Today 2 Feb: Strong earnings boost market / Sony, Panasonic, Hitachi, M3, Tokyo Seimitsu 3Qs / US Jan auto figures / Denso, Aisin, Toyota Ind, Melco 3Qs - Nikkei 225 +1.68%

PSA Autos /New Mobility: The Case for Honda (7267 JT) over Toyota (7203 JT)

PSA Today 1 July: Tariff worries / Capcom's rich showcase / The case for Honda over TOY / Fujikura, Melco listing highs / Insource June KPIs – Nikkei 225 -1.24% | ¥$143.62

PSA Japan Stock Market Strategy for 2025 Q3

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe