- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Today 28 Apr: BOJ-induced rally / A motoring economy / Results comments: Sony, Murata, NEC, TDK, Tokuyama, Apls Alpine, Lasertec, Komatsu, Mercari, NRI / Sega Sammy's Smart Pachislot Hokuto no Ken strength – Nikkei 225 +1.40%
Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Thao Nguyen and Lindsay WhippTags: Shin-Etsu Chemical (4063 JT), Hitachi (6501 JT), Hitachi Construction Machinery (6305 JT), Renesas (6723 JT), Micron (MU US), Shinko Electric (6967 JT), Astellas Pharma (4503 JT), Daiichi Sankyo (4568 JT), Sega Sammy (6460 JT), Nissan Motor (7201 JT), GS Yuasa (6674 JT), Honda (7267 JT), Sony (6758 JT), Murata (6981 JT), NEC (6701 JT), Alps Alpine (6770 JT), Lasertec (6920 JT), Sega Sammy (6460 JT), TDK (6762 JT), Contemporary Amperex Technology (300750 CH), Nitto Denko (6988 JT), Tokuyama Corp (4043 JT), UBE Corp (4208 JT), Komatsu (6301 JT), Caterpillar (CAT US), Mercari (4385 JT), Nomura Research Institute (4307 JT)
Main Points
• Tokyo shares follow Wall Street higher, but rally only after BoJ board meeting completed
• Japan’s economy continues to motor
• Sony forecast -3% YoY fall in FY23 OP
• Murata FY22 Q4 OP -71% YoY
• NEC FY22 Q4 OP +33% YoY
• Alps Alpine forecasts another fall in OP for FY23
• Lasertec FY23 Q3 OP +137% YoY
• Sega Sammy: sales of Smart Pachislot Hokuto no Ken already at 40,000
• TDK books restructuring losses in FY22 Q4
• Tokuyama’s FY23 recovery includes a depreciation change
• Komatsu beats FY22 OP guidance by 11% but pricing weak than CAT
• Nabtesco
• Mercari FY23 OP guidance beats consensus
• Disappointing FY22 earnings and FY23 forecast at NRI mitigated by share buyback
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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