Pelham Smithers Associates Ltd - PSA Weekly Research Round-up 19 May 2023

Report

Pelham Smithers Associates Ltd

Joel Scheiman ...

Julie Boote
Lindsay Whipp
Pelham Smithers
Thao Nguyen
William Nestuk

PSA Weekly Research Round-up 19 May 2023

Weekly Comment Summary
With the Nikkei 225 hitting a 30-yr high, Japanese shares are all the rage, but in USD terms, they have underperformed this year. So, what is going on? Pelham Smithers investigates.

PSA Company Visits, Tours and Interviews
• Presentations at: Kureha Corp (4023 JT), Sumitomo Bakelite (4203 JT), Sumitomo Chemical (4005 JT), Resonac Holdings (4004 JT), Central Glass (4044 JT), Mitsubishi Gas Chemical (4182 JT), Nippon Shokubai (4114 JT), Mitsui Mining and Smelting (5706 JT), Toho Titanium (5727 JT), Fujimi Inc (5384 JT), Nippon Sanso Holdings (4091 JT), Microwave Chemical (9227 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Fanuc (6954 JT) Update: Robotics Demonstrates Pricing Power, but FA Lags

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Interest in WWDC 2023 on the Up
2. Sony (6758 JT) to (Fully) Spin Off Financial Services Unit?
3. Take Two (TTWO US) Sets Likely Timetable for GTA6
4. Square Enix (9684 JT) Unveils Full Extent of Web3 / Blockchain Gaming Investment
5. US Video Game Spend Down 5% YoY in April
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Micron (MU US) Hopes Spark SOX Despite Further Falls in Memory Prices
8. Renesas (6723 JT) to Up Automotive Chip Output by +10% by 2026
9. Fujifilm (4901 JT) and Peers Remain Bullish on Semiconductors
10. Ricoh, Toshiba Tec Printer Businesses to Merge?
11. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
12. Toho (5727 JT) and Osaka (5726 JT) Titanium: What a Difference Accounting Makes
13. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
14. Japanese Assemblers are Developing Hydrogen Motorcycles
15. Suzuki Motor’s (7269 JT) FY22 Q4 Beat / FY23 Miss
16. Japan to Promote Development and Use of e-Fuel – new Hydrogen Strategy in the Works
17. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
18. Daifuku (6383 JT) Pares Losses on FY23 OP “Bottom” Guidance
19. Ferrotec (6890 JT) FY22 Results and FY23 OP In Line with PSA Estimates
20. Fujikura (5803 JT): Dividend Yield Raised / Cautious FY23 Assumptions
21. Yaskawa (6506 JT) and SMC (6273 JT) Pull Back
22. Daikin (6367 JT) Hot on Heat and Foreign Buying
Internet / eCommerce
23. Net Protections (7383 JT) Sold off as it Prioritises Investment for Growth
24. Rakuten (4755 JT) Issues New Shares
25. CyberAgent (4751 JT): Patent Suit Downplayed by Free AI Offering
26. Istyle (3660 JT) Sold Off Following Recent Run-up
Enterprise Software / IT Services
27. IIJ (3774 JT) Solid FY22 Results and Robust FY23 Outlook
28. Enechange (4169 JT) FY23 Q1 Results Rewarded with Strong Move
29. Solid FY23 Q3 Sales and ARPA for Freee (4478 JT)
30. Other Enterprise Software / IT Services News & Moves That Caught Our Eye
Telecom
31. Other Telecom News & Moves That Caught Our Eye
Pharma
32. Lecanemab vs Donanemab: Straight Race or Separate Tracks?
33. Other Pharma News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
34. Japan Producer Prices +0.2% MoM in April
35. Japan CY23 Q1 GDP +0.4% QoQ
36. Other News & Moves That Caught Our Eye

19/05/2023 1 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

Julie Boote

Lindsay Whipp

Pelham Smithers

Thao Nguyen

William Nestuk

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PSA Weekly Research Round-up 19 May 2023

The PSA Research Round-Up for the Two-Week Period Covering 11~25 April 2025

PSA Broadline Retail: Treasure Factory (3093 JT): Inbound Sales Still Solid in Q1

PSA Today 25 Apr: Most of tariff fall recouped now / Tokyo CPI / Analyst articles on Advantest, Nissan, Hino, Denso, HCM, NRI, NTT Data, Chugai, DSK – Nikkei 225 +1.90% | ¥$143.55

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