The PSA Japan Weekly Research Round-Up for the Week Ending 30 July 2021

The Weekly Comment Summary
On top of the excitement of this week’s earnings, Pelham Smithers finds the latest economic data interesting and encouraging.

PSA Company Visits, Tours and Interviews
• Conference Calls with: Shift Inc (3697 JT). Email exchange with Sansan (4443 JT)
• Earnings calls: ZOZO (3092 JT), Shin-Etsu Chemical (4063 JT), Nitto Denko (6988 JT), TDK (6762 JT), Hoya Corp (7741 JT), Murata (6981 JT), Dexerials (4980 JT), Zeon Corp (4205 JT), Sekisui Chemical (4204 JT)

Reports / Flash Notes Summaries
1. Money Forward (3994 JT): Personal Finance – The ¥15tril Opportunity
2. Nissha Co Ltd (7915 JT) – Moving to Medical
3. Toyota Motor (7203 JT) FY21 Q1 Preview and Outlook – Set to Deliver Strong FY21 Q1 Results
4. Nissan Motor's (7201 JT) Triumvirate Delivers with FY21 Q1 Results
5. Sector Strategy Implications of Japan's Awesome Tech Sector Earnings

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Nintendo (7974 JT) to Shut Down its Dr. Mario Mobile Game
2. Panasonic (6752 JT): 1Q FY21 OP Surges 27x YoY
3. Koei Tecmo (3635 JT) Revises Up
4. Capcom (9697 JT) 1Q FY21 OP +120%
5. Sony (6758 JT): PS5 Cumulative Sales Hits 10mil Units
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Advantest (6857 JT) FY211Q OP at An All-Time High
7. Canon (7751 JT) 2Q FY21 OP Back in the Black
8. Screen (7735 JT) Revises Up FY21 Guidance
9. Murata (6981 JT): 1Q FY21 OP +105%
10. Shinko Electric (6967 JT): FY21 1Q OP +272% YoY; Full Year Revised Up
11. Anritsu (6754 JT): FY211Q OP -40% YoY, No Change to Full Year Guidance
12. Alps Alpine (6770 JT) FY21 1Q OP Misses Expectations
13. Nidec (6594 JT) Falls on Unchanged Guidance
14. Hitachi (6501 JT) 1Q FY21 AOI +124% YoY
15. Seiko Epson (7751 JT) 1Q OP Up 9x YoY
16. NEC In the Black for the 1Q
17. Other Tech News & Moves That Caught Our Eye
Chemicals / Materials
18. Shin-Etsu Chemical (4063 JT) Set to Report Record Earnings in FY21
Autos
19. Mitsubishi Motors (7211 JT) Reports Strong FY21 Q1 Results
20. Hino (7205 JT): Strong FY21 Q1 Results But Guidance Unchanged
21. Mazda (7261 JT) Reports Strong First Quarter Results
Auto Parts / Machinery
22. HCM (6305 JT) Releases Tepid Q1
23. Fanuc (6594 JT) Surprises with FY21 OP Guidance Raised 31%
24. Denso (6902 JT) Soars, Aisin (7259 JT) Sinks
25. Nabtesco Upgrades FY21 OP by 14% to PSA’s Figure
26. Toyota Industries (6201 JT) Posts Record Quarterly OP
Internet / eCommerce
27. Rakuten (4755 JT) Hit by Negative News on Several Fronts
28. CyberAgent (4751 JT): Uma Musume Back at No. 1 / Beats FY21 Q3 and Revises Upward FY21 Target
29. Mercari (4385 JT) Launches Mercari Shops
30. ZOZO’s (3092 JT) FY21 Q1 Results
31. China Widens Internet Crackdown
32. China Cracks Down on Online Tutoring
Enterprise Software
33. Obic (4684 JT) Fails to Raise Sales in FY21 Q1
34. Cybozu (4776 JT) FY21 H1 on Track to Meet Full-Year Forecasts
35. NRI (4307 JT) Smashes Through FY21 Q1 Market Estimates
36. TIS (3626 JT) Set for Rebound in FY21 Q1
Telecom
37. KDDI (9433 JT) 1Q FY21 OP +3% YoY
38. Ups and Downs of SoftBank Group (9984 JT)
Pharma
39. Chugai Pharmaceutical (4519 JT) 2Q OP +42% YoY
40. Other Pharma Moves & News That Caught Our Eye
Miscellaneous
41. Other Moves & News That Caught Our Eye
Market / Strategy / Macro
42. Might 1Q FY21 Be a Record OP for Topix 100?