PSA Weekly Japan Research Round-up for the 31st March 2023

Weekly Comment Summary
Japan’s government bond market barely responded to the latest Japanese economic data.
Pelham Smithers thinks this says more about the dysfunction of the JGB market than it does about the Japanese economy, which as far as we can see, is humming along nicely.

PSA Company Visits, Tours and Interviews
Visited: Daifuku (6383 JT), Daikin (6367 JT), KHI (7012 JT), Denso (6902 JT)
Conference Call with: GMO Financial Gate (4051 JT), Keiwa (4251 JT)
Presentations at: Nissan Chemical (4021 JT), Toray (3402 JT), Nankai Chemical (4040 JT, pre-IPO)

PSA in the Press
PSA provides input on this article on gaming technology. /2023/03/the-racing-game-that-changed-everything-was-built-on-lockheed-martin-technology/

Reports / Flash Notes Summaries
1. Japan Market Strategy
2. Fuel Cell Electric Trucks – A Silent Evolution
3. Tokyo Electron (8035 JT): Fairly Valued Given Current Concerns
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Japan’s Game Developers Increasingly Dominating US Console Game Charts
2. Video Games: Pan-American PS5 Sales +314% YoY in Feb
3. Microsoft (MSFT US) Looks Set to Get Approval to Acquire Activision (ATVI US)
4. Capcom’s (9697 JT) Resident Evil 4 Remake Tops UK Charts
5. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Japan SPE Billings +0.1% YoY in Feb
7. NAND Shipments Collapse in 2022 Q4
8. Positive Outlooks from US SPE Stocks Sends Japanese Related Plays Higher
9. Popularity of NEC Supercomputer Story Underscores Growth in AI Interest in Japan
10. Hitachi (6501 JT): Auto Parts Business Astemo to Become Affiliate
11. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
12. JDI (6740 JT) to Acquire JOLED’s IP
13. Good News for Kaneka’s (4118 JT) PV Systems
14. Sanyo Chemical (4471 JT): FY22 Guidance Revised Down
15. Resonac (4004 JT) to Sell Diagnostic Reagents Subsidiaries
Autos
16. Questions over Renault’s (RNO FP) EV Listing and Nissan’s (7201 JT) Investment
17. Hino (7205 JT) Raises Its FY22 Net Loss Guidance Numbers
18. Mazda (7261 JT) on A Roll
19. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
20. Europe Heat Pump Opportunities for Daikin (6367 JT) and Fujitsu General (6755 JT)
21. Other Auto Part / Machinery News & Moves That Caught Our Eye
Internet / eCommerce
22. Mercari (4385 JT) Sees a Price Target Cut
23. LINE Bank to be Dissolved
24. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
25. Cybozu’s (4776 JT) Monthly OP Continues to Recover
26. Shift Inc (3697 JT) FY23 Q2 Preview
27. Sansan (4443 JT) Adds Third Major Customer in a Month
28. Other ERP Software / IT Services News & Moves That Caught Our Eye
Telecom
29. Telecom News & Moves That Caught Our Eye
Pharma
30. FDA Draft Guidance Outlines One-Trial Approval Process
Miscellaneous / Market / Strategy / Macro
31. Tokyo CPI Falls for Second Month in a Row in March
32. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since November 2022