Pelham Smithers Associates Ltd - PSA Today Apr 23: Bitcoin and US tax concerns unhelpful / Grim department store data / M3s 4Q / Ubes FY20 / Obics outlook below consensus / OBC retires treasury shares, considers TSE new market segment / NRI Q4 preview – Nikkei -0.57%

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Pelham Smithers Associates Ltd

Joel Scheiman ...

Lindsay Whipp
Pelham Smithers

PSA Today Apr 23: Bitcoin and US tax concerns unhelpful / Grim department store data / M3's 4Q / Ube's FY20 / Obic's outlook below consensus / OBC retires treasury shares, considers TSE new market segment / NRI Q4 preview – Nikkei -0.57%

Japan Market Comment by Pelham Smithers, Joel Scheiman and Lindsay Whipp
Nikkei ¥29,020.63 (-¥167.54 / -0.57%); Topix ¥1,914.98 (-¥7.52 / -0.39%); ¥/$107.96
Tags: Monex Group (8698 JT), Dapper Labs, Gumi (3903 JT), Ceres (3696 JT), Axel Mark (3624 JT), ANA (9202 JT), Canon (7751 JT), Canon Marketing (8060 JT), Obic Business Consultants (4733 JT), Koa Corp (6999 JT), Nidec (6594 JT), Chugai Pharma (4519 JT), Disco (6146 JT), Z Holdings (4689 JT), ZOZO (3092 JT), M3 Inc (2413 JT), Sony (6758 JT), JSR (4185 JT), Nitto Denko (6988 JT), Ube Industries (4208 JT), Obic (4684 JT), Nomura Research Institute (4307 JT)
Main Points
• Bitcoin plays, US Tax concerns lead market lower
• Department store data worse than it appears
• M3 Inc 4Q OP +108%
• Ube’s FY20 earnings beat consensus
• Obic sees sales acceleration in FY21; market had higher hopes
• OBC to retire Treasury shares ahead of June deadline for TSE new market segment consideration
• NRI FY20 Q4: Looking for OP to exceed revised forecasts

23/04/2021 6 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

Lindsay Whipp

Pelham Smithers

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PSA Today Apr 23: Bitcoin and US tax concerns unhelpful / Grim department store data / M3's 4Q / Ube's FY20 / Obic's outlook below consensus / OBC retires treasury shares, considers TSE new market segment / NRI Q4 preview – Nikkei -0.57%

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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