Report
Joel Scheiman ...
  • Julie Boote
  • Pelham Smithers
  • William Nestuk

PSA Today Jan 31: Fujifilm Drags the Market Lower / Murata Moves / Capcom Results / Hitachi Chem Worth A Look / Mazda Skyactiv X / Alpine, Clarion - Nikkei -0.83%

PSA Today Jan 31: Japan Market Comment by Pelham Smithers, Joel Scheiman, Julie Boote and William Nestuk
Nikkei ¥23,098.29 (-¥193.68 / -0.83%); Topix ¥1,836.71 (-¥21.42/ -1.15%); ¥/$108.62
Tags: Fujifilm (4901 JP), Fuji Xerox, Xerox Corp (XRC US), Murata (6981 JP), Broadcom (AVGO US), Capcom (9697 JP), Hitachi Chemical (4217 JP), Mazda (7261 JP), Alpine (6816 JP), Clarion (6796 JP), Hitachi (6501 JP)
Main Points at a Glance
• Weak markets continue
• Huge sell-off in Fujifilm on Fuji Xerox / Xerox Corp merger
• Murata: A chance to beat full year estimates
• Capcom reports a weak Q3 but there is still room to beat the FY guidance
• Hitachi Chemical warrants a look after lagging
• Update on Mazda Skyactiv X
• Car navigation-plays, Alpine and Clarion, both rise despite markedly different Q3 results

Underlyings
Broadcom Inc

Capcom Co. Ltd.

Capcom is engaged in the development, manufacture and sales of video games, online games, mobile games and arcade games, as well as the operation of amusement arcades. Co.'s business segments are digital contents, amusement facility and amusement equipment. Co. is engaged in the planning, development, manufacture and sales of home video games, online games and mobile games including "Rockman," "Monster Hunter World" and "Dragons Dogma"; the operation of "Plaza Capcom" amusement facilities in Japan; and the development, production and distribution of arcade games for amusement facilities. Co. is also engaged in the licensing business of game characters and the real estate leasing business.

Clarion Co. Ltd.

Clarion is engaged in the development, manufacturing, sales and services of in-vehicle information devices, car audio equipment, safety and information systems and cloud-based information network services for vehicles. Co.'s principal products include car navigation systems, multimedia source units, audio units, speakers, amplifiers, subwoofers, digital sound systems, rear view cameras and smart access platforms (in-vehicle cloud connectivity platforms). Co. also provides cameras, monitors, driving recorders, collision avoidance systems, safe driving support systems, telematics control units, navigation systems and audio units for commercial vehicles.

FUJIFILM Holdings Corp

FUJIFILM Holdings is a holding company engaged in the manufacture and sale of imaging information products. Co.'s principal businesses are divided into three segments: imagining solution, information solution and document solution. Co.'s principal products and services are color films, digital cameras "FinePix," photofinishing equipment, color paper, as well as chemicals and services for photofinishing; equipment and materials for medical systems and life sciences, equipment and materials for graphic arts, flat panel display materials, recording media and optical devices; office copy machines/MFPs, printers, as well as production systems and services.

Hitachi Chemical Company Ltd.

Hitachi Chemical and its affiliates are mainly engaged in the manufacture, process, and sale of functional materials and advanced components and systems. Co.'s principal products include electronics materials, such as semiconductor epoxy molding compounds and die bonding paste and insulating varnishes; inorganic materials, such as lithium-ion batteries materials and carbon products; functional resin and adhesive film for display; photographic sensitive films; automotive products, such as molded plastics, friction materials and powder metal products; automotive batteries, industrial batteries and capacitor; electrical equipment, such as printed wiring boards; and diagnostics equipment.

Mazda Motor Corp.

Mazda Motor and its affiliates are mainly engaged in the manufacture and sale of passenger and commercial vehicles. Co. provides compact vehicles, sports cars, sedans, mini vans, light cars, commercial vehicles, welfare vehicles and customized vehicles, as well as car accessories. Co.'s principal products are four-wheeled vehicles, gasoline reciprocating engines, diesel engines, and automatic and manual transmissions for vehicles. Co.'s principal brand automobiles include Demio, Axela, Atenza, CX-3, CX-5, CX-8, Roadster, Carol, Flair, Flair Wagon, Scrum Wagon, Bongo, Titan, Familia Van, and Scrum Van/Truck.

Murata Manufacturing Co. Ltd.

Murata Manufacturing is mainly engaged in the development, manufacture and sale of electronic components and modules in Japan, North America and certain other Asian and European countries. Co.'s products are sold mainly to electronics companies for use as components in telecommunication, computer, audio, video, automotive electronics and other electronic products. Co. is engaged in the development, manufacture and sale of electronic parts and related products, including components for capacitors and piezoelectric products, as well as modules products; the provision of welfare services, personnel services, education and training services, as well as the leasing and management of real estate.

Xerox Holdings

Provider
Pelham Smithers Associates Ltd
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. 

Analysts
Joel Scheiman

Julie Boote

Pelham Smithers

William Nestuk

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