The PSA Japan Weekly Research Round-Up for the Golden Week period to 6 May 2022

The Weekly Comment Summary
Golden Week Edition - Pelham Smithers discusses inflation and Japan, anticipating seven weeks of rising inflation amid continuing ultra-loose monetary policy.

PSA Company Visits, Tours, and Interviews
Participated in Presentations at: Shin-Etsu Chemical (4063 JT), JSR (4185 JT), Nitto Denko (6988 JT), Zeon Corp (4205 JT), Tokuyama Corp (4043 JT), Murata Manufacturing (6981 JT), Hoya Corp (7741 JT), NRI (4307 JT)

PSA in the Press
Pelham Smithers is quoted on Sony in Investors Alley Blog | Sony’s Epic Hopes | Talkmarkets

PSA Weekly Contents at a Glance
Japan Staves Off Inflation for Another Month
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Sony Sees Ten of Thirteen Gender Discrimination Claims Thrown Out
2. FTC Opens Probe into Sony’s Bungie Acquisition
3. Koei Tecmo 4Q FY21 OP +47%
4. Square Enix Sells Marvel / Tomb Raider Studios to Embracer for US$300mil
5. Shimano 1Q FY22 OP +17%
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Canon 1Q FY22 OP +8% YoY
8. Renesas 1Q FY22 (Dec) OP +232% YoY
9. Advantest 4Q FY21 OP +37% YoY
10. Shinko 4Q FY21 OP ¥18.9bil +124% YoY
11. Alps Alpine 4Q FY21 OP ¥7.3bil +65% YoY
12. Murata 4Q OP ¥88bil +20% YoY
13. Nidec Confident about Improvement in Auto Business
14. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
15. JSR Sees Better FY22, to Buy Back Shares
16. Nitto Denko’s FY22 Plan Assumes ¥112/US$
17. TDK Ventures’ Somewhat Unique Investment Style
18. Hoya Announces Record Earnings and Share Repurchase
19. Shin-Etsu Chemical Maintains its Confident Stance
20. Zeon Corp Shares up Modestly on Results
21. Sekisui Chemical Provides Aggressive Guidance
22. Tokuyama Rises on FY21 Earnings Beat
23. Palm Oil Up Again on Indonesia Export Ban
24. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
25. Renault to Consider Selling Nissan Stake
26. Suzuki Hit by Defeat Device
27. Hino Reports FY21 Q4 Operating Loss
Auto Parts / Machinery
28. Fanuc Margins Soft even as Sales Rise to Record Levels
29. Nabtesco Fades on Weak Q4 Fanuc Robotics
30. Nabtesco Q1 Disappoints
31. Nabtesco Sees Strong China Demand7
32. Keyence 4Q FY21 OP +30% YoY
33. HCM posts strong Q4; sees FY22 mining demand falling 5% YoY
34. Komatsu, Unlike HCM, Looks to Higher FY22 Earnings
35. Komatsu Up on Brokerage Upgrade
36. Denso Surprises with Strong FY22 OP Guidance
37. Other Auto Part / Machinery News & Moves That Caught Our Eye
Internet / eCommerce
38. CyberAgent’s FY22 Q2 and FY22 Guidance Miss
39. Mercari’s FY22 Q3 Results and FY22 Guidance Miss
40. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
41. NRI Misses FY21 Q4 Estimates, Forecasts Slower FY22 OP Growth
42. NTT Data FY21 Q4 Preview
43. TIS Inc FY21 Q4 Preview
44. Enechange Tries to Reassure Investors over Energy Client’s Market Withdrawal
45. Cybozu March Sales Growth Slows
46. Cybozu Teams Up with Ricoh to Boost Sales of Kintone
Pharma
47. Other Pharma News & Moves That Caught Our Eye
Miscellaneous
48. Brewers Rise on Price Hike Expectations
49. Other News & Moves That Caught Our Eye
Market / Strategy / Macro
50. Big Week Ahead for Japanese Economic Data
51. PMIs: Japan Vs China
52. Market / Strategy / Macro News & Moves that Caught Our Eye