Pelham Smithers Associates Ltd - PSA Today Nov 7: Abe waves goodbye to Trump/RFID Tags for Fast Retailing Gives Sato Holdings a Boost/Toyotas Q2/ Nissan Chems Strength/Ubes Spreads/TOK Better Than Realised/Daikins Results/Automation Still

Report

Pelham Smithers Associates Ltd

Julie Boote

PSA Today Nov 7: Abe waves goodbye to Trump/RFID Tags for Fast Retailing Gives Sato Holdings a Boost/Toyota's Q2/ Nissan Chem's Strength/Ube's Spreads/TOK Better Than Realised/Daikin's Results/Automation Still

Japan Market Comment by Julie Boote, Joel Scheiman, William Nestuk and Thao Nguyen
Nikkei ¥22,937.60 (+¥389.25 / +1.73%); Topix ¥1,813.29 (+¥20.63 / +1.15%); ¥/$114.17
Tags: Keyence (6861), Fanuc (6954), Kyocera (6971), Bridgestone (5108), Fast Retailing (9983), Japan Steel Works (5631), Sato Holdings (6287), Toyota (7203), Nissan Chemical (4021), Ube Industries (4208), Asahi Kasei (3407), Tokyo Ohka Kogyo (4186), Daikin (6367), SMC (6273), Yaskawa (6506), Daifuku (6383), Stanley Electric (6923), Koito (7276), NGK Spark Plug (5334), iStyle (3660)

Relief over Abe’s trump job well done fuels…
…a full-on bull market day
Sato Holdings gets a boost from better earnings and orders from Fast Retailing for its RFID tags
Toyota Q2 results hurt by US business, but guidance still raised on currency
Nissan Chemical keeps upward momentum going
Ube notes continued healthy caprolactam spreads
Tokyo Ohka is probably doing better than the market thinks
Daikin’s results out after market; diversification is going well
Automation and auto components continue to shoot the lights out
iStyle: less alluring without extraordinaries?

07/11/2017 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

Julie Boote

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Square Enix’s FY25 results are being held up by aggressive cost cutting, rather than revenue growth. Q3 profit fell sharply on weak sales, but expenses dropped enough to keep full year OP guidance rising. DQ7 Reimagined launched better overseas than in Japan, but overall remake fatigue persists. Upcoming releases are light, with no mainline FF or DQ expected until FY27. Pelham Smithers discusses the issues the firm faces and provides his earnings model through to FY27.

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PSA Today 18 Feb: Higher with selected AI names rebounding / Considering the timing of the PS6 / EU's new EV rules / FY25 results for Trend Micro – Nikkei 225 +1.02% | ¥$153.45

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Tags: Unitika (3103 JT), AIMECHATEC (6227 JT), TDK (6762 JT), Ibiden (4062 JT), Toto (5332 JT), Fuji Electric (6504 JT), SoftBank Group (9984 JT), Yaskawa (6506 JT), Fanuc (6954 JT), SMC (6273 JT), SRE Holdings (2980 JT), ExaWizards (4259 JT), Appier (4180 JT), Visional (4194 JT), Kakaku.com (2371 JT), Shift (3697 JT), Kioxia (285A JT), Socionext (6526 JT), Rohm (6963 JT), GS Yuasa (6674 JT), Panasonic (6752 JT), Asahi Diamond (6140 JT), Noritake (5331 JT), Modec (6269 JT), Mitsubishi Electric (6503 JT), Sony (6758 ...

23h / 57m 23h / 57m 1 EN

Pelham Smithers

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PSA Technology: Why AI is More of a “Win” than a “Loss” for Japanese MLCC Makers

Analyst Pelham Smithers discusses why Japan’s MLCC makers are in the sweet spot to benefit from the AI boom. Consequently, Murata’s earnings should expand at +19% CAGR over FY25~FY27, with OPMs rising from 15% to 21%.

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PSA Today Nov 7: Abe waves goodbye to Trump/RFID Tags for Fast Retailing Gives Sato Holdings a Boost/Toyota's Q2/ Nissan Chem's Strength/Ube's Spreads/TOK Better Than Realised/Daikin's Results/Automation Still

PSA Media & Entertainment: Square Enix (9684 JT) FY25 Outlook and Beyond

PSA Today 18 Feb: Higher with selected AI names rebounding / Considering the timing of the PS6 / EU's new EV rules / FY25 results for Trend Micro – Nikkei 225 +1.02% | ¥$153.45

PSA Technology: Why AI is More of a “Win” than a “Loss” for Japanese MLCC Makers

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