- Julie Boote
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Japan Research Round-Up for the week ending 20 April, 2018
The Weekly Comment by Pelham SmithersPelham Smithers reminds us that 1Q is traditionally the weakest quarter for Japanese Equities, but conditions should improve from here.
Reports / Flash Notes Summaries
1. SBI Holdings (8473 JP) SBI Securities 4Q Performance – FY17 Results Preview Flash Note
2. Japan Market Strategy and Tech Strategy Presentation
3. China Reviews Auto Market Policies
Company / Sector / Thematic Comments
1. Sony (6758 JP) Gets Another Hit Movie
2. Murata (6981 JP) to Spend ¥100bil on EV Component Capacity
3. Micro Cap Inter Action (7725 JP) Moves into the Sun
4. Feedback from Micro-Cap SPE-Related Marumae’s (6264 JP) Results Meeting
5. Interest Returns to Solid-State LiBs
6. Sumitomo Metal Mining (5713 JP) Leads Non-Ferrous Shares Higher
7. Titanium Stocks Soar on US-Russia Sanctions
8. Graphite Electrode Makers Negotiate Long-term Contracts
9. The Message from TSMC is that Smartphone Demand Will be Weak
10. Nissan’s (7201 JP) Ambitious Robotaxi Plans
11. Nissan’s (7201 JP) Carlos Ghosn Confirms Changes Lie Ahead, but No Details Given
12. China to Remove Ownership Cap
13. EVs to Shine at Beijing Auto Show
14. Risk of More Competition in Asia’s Commercial Vehicle Market
15. NOK (7240 JP) Bucks the Trend
16. Yaskawa (6506 JP) Recovers Slightly
17. Denso-Aisin Gap Reversal
18. Impact of the 4Q Performance for SBI Securities on SBI Holdings’ (8473 JP) Results
19. Kakaku.com (2371 JP) Reaches One-year High
20. Recruit Holdings (6098 JP): Update on Indeed
21. GREE (3632 JP) vs GungHo Online (3632 JP)
22. LINE (3938 JP): Difficult Times Ahead
23. Takeda (4502 JP) May Still Acquire Shire
24. Feedback from Cosmos Pharm (3349 JP) FY17 Q3 Results Meeting / Dealing with Rising Costs
25. List of PSA Published Reports Since Dec 2017 to Date
PSA Company Visits, Tours and Interviews
• Attended earnings meetings at: ABC Mart (2670 JP) and Marumae Co (6264 JP)
Weekly Market Comment
by Pelham Smithers
1Q is Traditionally Weakest Quarter for Japanese Equities: Conditions Should Improve from Here
With any luck, the Japanese stock market has had its sell-off. Stock markets shouldn’t be seasonal, but the Japanese stock market is getting a reputation for being so, particularly with quantitative easing. While all five 4Qs since Kuroda became BoJ Governor have seen QoQ returns in excess of 5%, four of the five 1Qs have been negative. However, this 1Q sell-off was less to do with swings in liquidity. Instead, external factors took their toll on the Japanese stock market in 1Q 2018, in the form of very aggressive foreign selling.......
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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