- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Japan Weekly Research Round-Up for the Week Ending 5 November 2021
The Weekly Comment SummaryPelham Smithers reiterates a PSA theme: we believe this to be a super-cycle for technology names in general and semiconductors in particular, so we think that the sector should have a good run from here. Valuations may eventually become an issue, but they are not at present.
PSA Company Visits, Tours and Interviews
1. Visited: TDK (6762 JT)
2. Conference Calls with: Toyota Industries (6201 JT)
3. Earnings Presentations at: TDK (6762 JT), Dexerials (4980 JT), Tosoh (4042 JT), Mitsubishi Chemical Holdings (4188 JT), Ube Industries (4208 JT), Fujifilm Holdings (4901 JT), Central Glass (4044 JT), Shin-Etsu Polymer (7970 JT), Asahi Kasei (3407 JT), Mitsui Chemicals (4183 JT), Z Holdings (4689 JT), BASE Inc (4477 JT) Toyota Ind (6201 JT), Daikin (6367 JT), MinebeaMitsumi (6479 JT)
Reports / Flash Notes Summaries
1. Shift (3697 JT) – Future M&A to Help FY22 Outperformance
2. Square Enix (9684 JT): FY21 2Q Results and Outlook
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Nintendo (7974 JT) 2Q FY21 OP -32% YoY
2. Square Enix (9684 JT) 2Q FY21 OP +66% YoY
Technology: Industrial Electronics / Components / Semis & SPE / Precision
3. Those Lasertec (6920 JT) Orders…
4. Tokyo Seimitsu (7729 JT) 2Q OP +123% YoY
5. TDK’s (6762 JT) New Guidance Exceeds Consensus
6. Other Tech-related News & Moves That Caught Our Eye
Chemicals / Materials
7. Dexerials (4980 JT) Hikes OP Guidance by 76.5%
8. Other Chemical / Material-related News & Moves that Caught Our Eye
Autos
9. Toyota (7203 JT) Delivers Solid FY21 Q2 Performance under Difficult Market Conditions
10. Toyota Presents the New bZ4X EV
11. Honda (7267 JT) Cuts FY21 Forecast on Lower Auto Sales
12. Mitsubishi Motors (7211 JT) Raises its FY21 OP Forecast
13. Subaru Lowers Guidance Numbers on Supply Crisis
Auto Parts / Machinery
14. Daikin (6367 JT) Up on Upbeat Nikkei Preview / FY21 Q2 Results
15. Toyota Industries Sees Forklifts and Autos Hit by Chip Shortage
16. Minebea Mitsumi (6479 JT) FY21 OP Raised Only 3%
Internet / eCommerce
17. Z Holdings’ (4689 JT) FY21 Q2 Result Exceeds Highest Analyst Estimates
18. BASE Inc’s (4477 JT) Unexciting FY21 Q3 Results
19. Kakaku.com’s (2371 JT) FY21 Q2 Results Miss
Enterprise Software
20. Money Forward (3994 JT) Offers Free Cloud Storage Service to Lure Customers
21. NTT Data (9613 JT) FY21 Q2 Preview: Another Strong Quarter to Come
22. TIS Inc (3626 JT) Smashes Through FY21 Q2 Estimates, Raises FY Targets
Pharma
23. Pharma Earnings Releases
Miscellaneous
24. V-Cube (3681 JT) 3Q FY21 OP -70% YoY
25. Other Moves & News That Caught Our Eye
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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