Report
Pelham Smithers Associates Ltd
Julie Boote

The Must Read PSA Weekly Research Round-Up: Reports on Fanuc (6954), Honda (7267)/Comments on Earnings Season/Goldilocks Scenario (week ending Nov 10)

Inside the PSA Japan Weekly Research Round-Up you have: 

The Weekly Comment by Pelham Smithers:  

The earnings season that keeps on giving…and its psychological impact in a bull market 

Reports / Flash Notes Published This Week: Headlines at a Glance: 

  1. Fanuc (6954) FY17 H1 Update & Upside – Robodrill Runner 
  2. Honda (7267) – Positive Developments to Support FY17 H2 

Company / Sector / Thematic Comments at a Glance:  

Market / Strategy Comments 

  1. Goldilocks Scenario Winners 
  2. Swings in the Nikkei – ETF Buying 

Technology: Consumer and Industrial Electronics / Electronic Components/ Precision 

  1. Square Enix (9684): Q2 Results Very Good, not Brilliant 
  2. Sato Holdings (6287): A Play on one of the Market’s Mega-Themes, Labour-Saving Devices 

Chemicals / Electronic Materials 

  1. Stella Chemifa (4109): Less Than Stellar Results Highlight LiB Material Concerns 
  2. Nissan Chemical (4021): A Quality Play, Though Sustained Growth is a Balancing Act 
  3. Ube Industries (4208): Management Expects Spreads to Decline 
  4. Tokyo Ohka Kogyo (4186): We Look Through the Distortions and Remain Positive 
  5. Commodity Chemicals Shine, but Managements Express Reservations 
  6. Asahi Kasei (3407), Sekisui Chemical (4204): Anomalies in October Housing Orders 
  7. Japan Display (6740): Losses Grow 
  8. Sumco (3436): Bullish as Ever 
  9. Kaneka (4118): Confirms Our Pessimism, and Cuts FY17 Guidance  
  10. Sumitomo Metal Mining (5713): Non-ferrous Performing Well, While Battery Materials Slow 

Autos  

  1. Auto Sector Overview: Operational Improvements, Upward Revisions 
  2. Trump on Cars, and a Factoid 
  3. Subaru (7270): Expands Recall 
  4. Isuzu Upgrades its FY17 Forecast while Subaru Lowers its Guidance 
  5. Toyota (7203): FY17 Q2 Results Hurt by US Business, but Guidance Still Raised, on Currency 
  6. Nissan (7201) FY17 Q2: Vehicle Inspection Costs Higher than Expected; Poor US Performance 
  7. Bridgestone (5108): Lowers FY 17 Forecasts 

Auto Parts / Machinery 

  1. Air Conditioning Makers: Hot and Cold Performances 
  2. Minebea Mitsumi (6479): No Need to Switch 
  3. NOK (7240): Small Upgrade to FY17 OP CE, Keeping Quiet on FPCs 
  4. Toyoda Gosei (7282): Outlook Improving 
  5. SMC (6273): A Note of Conservatism Creeping in to Company Guidance for 2H 
  6. Fanuc (6954): Capacity Issues to Clear by Next Year 
  7. Headlamp Makers Continue to Shine 

Internet  

  1. GungHo (3765): We Question the Share Price Rise Given We See No Recovery 
  2. istyle (3660): Less Alluring Without Extraordinaries? 
  3. Yahoo Japan (4689): Reiterating our Positive View 
  4. mixi (2121): Concern Over Risk Profile Remains 
  5. DeNA (2432): Conservative Guidance seems to be Downplaying a Slowly Emerging Recovery 

PSA Company Visits, Tours and Interviews:  

  • Participated in the earnings call of Nissha Printing (7915), Kaneka (4118), SoftBank (9984), DeNA (2432), Nexon (3659) 
  • Had a conference call with Yahoo Japan (4689) and a phone interview with Sato Holdings (6287) 
  • Attended earnings meeting of Taiyo Nippon Sanso (4091), Nissan Chemical (4021), Tosoh (4042), Teijin (3401), Asahi Kasei (3407), Tokyo Ohka Kogyo (4186), Japan Display (6740), Stella Chemifa (4109), Sumco (3436), Toray (3402), Central Glass (4044), GMO Internet (9449), Medical System Network (4350), Shin-Etsu Polymer (7970), Kureha (4023), Nippon Shokubai (4114), IBJ Leasing (8425), Digital Garage (4819) 
  • Visited Hoya (7741), Zeon Corp (4205), Mitsui Chemicals (4183)  

List of PSA Published Reports since July 2017

10/11/2017 20 EN
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. 

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Analysts
Julie Boote

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