- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Japan Research Round-Up for the week ending 13 April, 2018
The Weekly Comment by Pelham SmithersPelham Smithers looks at the Takeda (4502 JP) interest in Shire (SHP LN) from both the corporate governance and preferable outcome perspectives and finds that the two may not align.
Reports / Flash Notes Summaries
1. Japan’s Video Games Industry – Japanese Bubble meets a Global Bull Market
2. CyberAgent (4751 JP) – Growth and Quality, at a Reasonable Price
3. Japan Stock Market Strategy
4. Subaru (7270 JP) Company Update – Risks Remain
5. Yaskawa (6506 JP) FY17 Results
Company / Sector / Thematic Comments
1. Nintendo (7974 JP) Ups Labo Marketing
2. Is This Time “For Real†at KLab (3656 JP)?
3. Is Toshiba Memory Really Worth ¥4tril?
4. Crypto Names Jump on Bitcoin Rally
5. Questions on Wafer and Graphite Electrode Markets
6. Japan’s Rare Earth Treasure Trove
7. Japan Display’s (6740 JP) Display of Poor Judgement
8. Strong Global Sales for Mitsubishi Motors (7211 JP)
9. China Auto Import Tariff Cuts – More Questions than Answers
10. Hino (7205 JP) and VW (VOW GR) Trucks Form a Partnership
11. Yaskawa (6506 JP) FY17 Results and the Disappointing Single-Digit FY18 Sales Growth Guidance for Motion Control and Robotics
12. SoftBank (9984 JP): Sprint (S US) / T-Mobile (TMUS US) Merger Talks Back On?
13. Rakuten (4755 JP) Gets MNO, but on Tough Terms
14. SoftBank (9984 JP) Borrows US$8bil against Alibaba (BABA US) Position
15. Has GREE (3632 JP) Reached a Bottom?
16. Start Today (3092 JP): ZOZO’s Poor Start
17. Keytruda’s Wins Hit Ono Pharmaceutical (4528 JP) and Oddly, also Eisai (4523 JP)
PSA Company Visits, Tours and Interviews
• Attended earnings meetings at: Ryohin Keikaku (7453 JP) and IDOM (7599 JP)
• Interviewed: Showa Denko (4004 JP)
Weekly Market Comment by Pelham Smithers
Takeda is the wrong size for a modern day global drug company. While this has been true for years, the situation has been getting worse. In 2012, the firm’s US$19bil in revenues placed it 12th in the rankings of global drug companies by revenue. However, with just under US$16bil in revenues in the 12 months to December 2017, Takeda has slipped to 19th in the league.
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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