PSA Today Feb 8: Worries/ 3Q results for Taiyo Yuden, Olympus, Comsys, Daifuku, Nabtesco, Mixi, DeNA, Mercari / Risk Easing for IHI / Nikkei Preview on Fuji Soft report – Nikkei -2.01%
Japan Market Comment by Pelham Smithers, William Nestuk, Thao Nguyen and Lindsay WhippNikkei ¥20,333.17 (-¥418.11 / -2.01%); Topix ¥1,539.40 (-¥29.63 / -1.89%); ¥/$109.74
Tags: Nikon (7731 JT), Ricoh (7752 JT), Fujifilm (4901 JT), Terumo (4543 JT), DeNA (2432 JT), Harmonic Drive Systems (6324 JT), Wacom (6727 JT), Nissan (7201 JT), Renault (RNO FP), Sony (6758 JT), Nexon (3659 JT), Tencent (700 HK), Netmarble (251270 KS), MBK Partners, NXC Corp, Electronic Arts (EA US), Taiyo Yuden (6976 JT), Yageo (2327 TT), Walsin (2492 TT), Olympus (7733 JT), Comsys Holdings (1721 JT), IHI (7013 JT), Daifuku (6383 JT), Fast Retailing (9983 JT), Nabtesco (6268 JT), Mixi (2121 JT), Nintendo (7974 JT), NetEase (NTES US), Tencent (0700 HK), SHUEISHA Inc., NTT Data (9613 JT), Mercari (4385 JT), Fuji Soft (9749 JT), TIS (3626 JT), SCSK (9719 JT), NTT Data (9613 JT), Nomura Research Institute (4307 JT)
Main Points at a Glance
• Nikkei slides on overseas worries, domestic earnings
• Taiyo Yuden 3Q OP +69% YoY but no change to FY
• Olympus 3Q OP slumps -20% YoY
• Comsys 3Q OP +24% YoY, boosted by M&A
• IHI edges up guidance with less risk for FY19
• Daifuku raises OP guidance yet again
• Nabtesco FY18 in-line; FY19 guidance too bullish?
• Mixi: Q3 was weak but we remain confident
• DeNA: weakness in Game continues
• Mercari: good Q2 but slower growth ahead
• Fuji Soft tumbles as Nikkei flags its FY18 OP target is below consensus
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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