Pelham Smithers Associates Ltd - The PSA Japan Weekly Research Round-Up for the week ending 28 Oct 2022

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Pelham Smithers Associates Ltd

Joel Scheiman ...

Julie Boote
Lindsay Whipp
Pelham Smithers
Thao Nguyen
William Nestuk

The PSA Japan Weekly Research Round-Up for the week ending 28 Oct 2022

Weekly Comment Summary
Has Sony pulled off a blinder in India, asks Pelham Smithers. The CCI’s decision to approve the Sony / Zee merger means that Sony now controls the largest TV network in India.

PSA Company Visits, Tours and Interviews
• Presentations at: Money Forward (3994 JT), CyberAgent (4751 JT), ZOZO (3092 JT), Shin-Etsu Chemical (4063 JT), Nitto Denko (6988 JT), Hoya (7741 JT), Sekisui Chemical (4204 JT), Fanuc (6954 JT), HCM (6305 J), Denso (6902 JT), Aisin (7259 JT), Toyota Gosei (7282 JT)

Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Market Strategy: ECB Move Creates Crunch Point for the BoJ and Japan Investment Strategy
2. Suzuki Motor (7269 JT) Positive Earnings Momentum in FY22
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Game Console Sales -12% YoY in Week to 15 Oct
2. Mobile Games Sales -12.4% YoY in Week to 16 Oct
3. Capcom (9697 JT) 2Q FY22 OP +85% YoY
4. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Smartphone Image Sensor Market in H1 CY22 Down 5.5% YoY
6. Canon (7751 JT) 3Q FY22 OP +39% YoY
7. Renesas (6723 JT) Delivers Record OP
8. Advantest (6857 JT) 2Q FY22 OP +102% YoY
9. Shinko (6967 JT) 2Q OP +54% YoY, Ibiden (4062 JT) +21%
10. Fujitsu (6702 JT) 2Q OP +56% YoY; Readacross to NEC (6701 JT)
11. NEC (6701 JT) Results: 2Q FY22 OP +32% YoY
12. Alps Alpine (6770 JT) 2Q FY22 OP +81% YoY
13. Hitachi (6501 JT) 2Q FY22 OP -14% YoY
14. Nidec (6594 JT) Reports Solid FY22 Q2 Earnings
15. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
16. Shin-Etsu Chemical (4063 JT) Preview and Results
17. Shin-Etsu Polymer (7970 JT) 1H OP is 55% of FY22 Target
18. Hoya (7741 JT) Braces for a Tough FY22 Q3
19. Cool Reaction to Nitto Denko’s (6988 JT) H1
20. Denka (4061 JT) to Cede Cement to Taiheiyo Cement (5233 JT)
21. UBE Corp’s (4208 JT) Unsurprising Downward Revision
22. Sizeable Revision Down by KH Neochem (4189 JT)
Autos
23. Hino Reports FY22 Q2 Earnings, Publishes Forecasts
24. Toyota’s (7203 JT) China-Only EV Launch
25. Toyota and Hino Shares Ending the Week with Strong Moves
Auto Parts / Machinery
26. HCM (6305 JT) / Komatsu (6301 JT): Preview and Results
27. Fanuc (6954 JT) Lowers Guidance: In Particular H2 Sales
28. Denso (6902 JT): FY22 Q2 Misses, but Maintains Guidance
29. Aisin (7259 JT) Keeps FY22 Guidance Despite Weaker Q2 for N. America
Internet / eCommerce
30. GA Technologies (3491 JT) Shares Boosted by Higher 2nd-Hand Condo Prices in Tokyo
31. CyberAgent’s (4751 JT) FY23 Forecast Misses Consensus
32. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
33. TIS (3626 JT): FY22 Q2 Preview
34. Cybozu (4776 JT): Disappointing September Sales
35. Obic (4684 JT) Beats on FY Q2 Market Expectations Slightly
36. OBC (4733 JT) FY22 H1 OP and Sales Decline
37. NRI (4307 JT): FY22 Sales Forecast Up, But Overseas Costs Weigh on OP
38. Other ERP Software / IT Services News & Moves That Caught Our Eye
Pharma
39. Pharma News & Moves That Caught Our Eye
Miscellaneous
40. Other News & Moves That Caught Our Eye
Market / Strategy / Macro
41. China’s GDP
42. BoJ Keeps Easy-Money Policy
List of PSA Published Reports since July 2022

28/10/2022 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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The PSA Japan Weekly Research Round-Up for the week ending 28 Oct 2022

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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