The PSA Japan Weekly Research Round-Up for the week ending 9 April 2021 and including Easter Friday 2 April 2021

Weekly Comment Summary
‘Barbarians at the Gate’, or buy signal? Taking a global, historical perspective, Pelham Smithers considers whether the bid by UK private equity firm CVC Capital Partners for Toshiba is signalling a massive opportunity in Japanese equities

Reports / Flash Notes Summaries
1. Can Sony (6758 JT) Make ¥1.2tril in OP in FY21?
2. Fanuc (6954 JT) – Strong FY21 Rebound
3. CVC Offers to Take Toshiba (6502 JT) Private
Technology: Consumer Electronics, Gaming
1. Sony (6758 JT) Music Continues to Acquire IP
2. Is Sony the Big Winner from Covid Mark II?
3. Sony in 5-yr Netflix Exclusivity Deal / Gets Punchy Upgrade by Domestic Broker
4. Video Game-related Moves and News That Caught Our Eye
5. Outriders Debuts at No. 6 on UK Charts
Technology: Industrial Electronics and Electronic Components / SPE / Precision
6. Toshiba (6502 JT) Part 1: Kioxia Deal or IPO?
7. Toshiba (6502 JT) Part 2: CVC Offers to Take the Firm Private
8. NEC (6701 JT) Demonstrates 5G Factory Automation
9. Tracking Moves and News on Hitachi (6501 JT) This Week
10. Eyes on Olympus (7733 JT)
11. Camera Industry’s Horror Show
12. Nikon’s (7731 JT) Acquisition of Morf3D Suggests Firm Finally Has a 3D Printing Strategy
13. SPE / Semiconductor News and Moves That Caught Our Eye
Technology: Bitcoin / Cryptocurrency and Blockchain
14. GMO Internet (9449 JT) Reported to be Moving into NFTs
Chemicals / Materials
15. Asahi Kasei (3407 JT) Faces Tough Comps in FY21
16. Kaneka (4118 JT) – Japan’s Equivalent of Danimer Scientific (DNMR US)
Auto Technology
17. Alternative Powertrain Stocks Zooming
Autos
18. Strong Outperformance of Japanese Automakers in the US in CY21 Q1
19. Isuzu (7202 JT) Partners with Self-Drive Start-up Gatik in North America
20. Toyota (7203 JT) Launches Yaris Cross in Europe in September
Auto Parts / Machinery
21. Nachi-Fujikoshi’s (6474 JT) FY21 Q1 Strong China Hydraulics Positive for Nabtesco (6268 JT)
22. Yaskawa (6506 JT) Disappoints for FY20; FY21 Guidance In-Line with Consensus 17
Internet / eCommerce
23. Mercari (4385 JT) to Establish Unit for Cryptoassets, Blockchain Tech
24. Other Moves & News: Lifenet Insurance / Syuppin / Racoon / Fidea / AI Inside / BASE Inc / YRGLM
Enterprise Software
25. Money Forward (3994 JT): A Quick Take on Its Receivables Business
26. Money Forward (3994 JT): FY21 Q1 Preview
27. Sansan (4443 JT): FY20 Q3 Preview
28. Other Moves and News: In-Source / AI Inc / Benesse / Fronteo / CellSource / Fuji Pharm / M3 / Bengo4 / Shift
Pharma
29. Bad News for Takeda- (4502 JT) Led Consortium for Covid-Use HIGT Drugs
30. Other Moves and News: Iwaki & Co / Sun Corp / Santen
Miscellaneous
31. Other Moves and News That Caught Our Eye
Macro
32. Weak Household Spending, Wage Data for February
33. China March PPI +4.4% YoY

PSA Company Visits, Tours and Interviews
• Visited / Interviewed / Conference Calls with: Email Q&A with Money Forward (3994 JT)
• Conference calls with: Teijin (3401 JT)