The PSA Japan Weekly Research Round-Up for the Week to 29 July

Food for Thought – The Weekly Comment Summary
Digitisation of invoices in Japan is being boosted by particular taxation issues. This is good news for SaaS companies such as Money Forward, Sansan, Infomart and Rakus, explains Lindsay Whipp.

PSA Company Visits, Tours, and Interviews
Conference Call with: Fanuc (6954 JT), Komatsu (6301 JT), Denso (6902 JT), Aisin (7259 JT), Mitsubishi Electric (6503 JT), HCM (6305 JT), Nitto Denko (6988 JT), Shin-Etsu Chemical (4063 JT), Zeon Corp (4205 JT), Sekisui Chemical (4204 JT), Dexerials (4980 JT), email Q&A with Sansan (4443 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Shin-Etsu Chemical (4063 JT) – What Will the Market Make of Earnings on 27 July?
2. Daifuku (6383 JT) FY22 Q1 Preview and Outlook: Lower costs from Q2 FY22
3. Sony (6758 JT) – An All-Important First Quarter Set of Results Coming Up

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Koei Tecmo 1Q OP +20% YoY
2. Capcom (9697 JT) 1Q FY22 OP -49% YoY
3. Is the Market Right to be Nervous About Panasonic’s (6752 JT) 1Q?
4. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Upcoming Corporate Results Week: US and Japan Tech Ask Different Questions
6. Is Gartner Eyeing a Short Downturn in the Semiconductor Market?
7. Strong Reaction to Results / Revisions at Koa Corp (6999 JT) and W-Scope (6619 JT)
8. Canon (7751 JT) and its Listed Subsidiaries Deliver a Strong June Q
9. Screen Holdings (7735 JT) 1Q OP +105% YoY, Raises IH Target
10. Advantest (6857 JT) 1Q FY22 OP +71%
11. Is the Upswing Over for Big Tech?
12. Murata Mfg (6981 JT) 1Q FY22 OP Falls 16% YoY
13. Nitto Denko (6988 JT) Revises up on Optronics Strength
14. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
15. Shin-Etsu Polymer (7970 JT): 1Q Exceeds Expectations
16. Shin-Etsu Chemical (4063 JT): Strong Q1 Performance
17. Market Reaction to Q1: Dexerials (4980 JT), Zeon (4205 JT), Sekisui Chemical (4204 JT)
18. Toho Titanium (5727 JT): Timid FY22 Guidance Hits the Shares
19. Tokyo Ohka (4186 JT) Hikes FY22 OP guidance by 22%
Autos
20. Toyota (7203 JT) Leads Research Collaboration on Biomass
21. US Energy Bill: Read-Across to EVs and Toyota
22. Mitsubishi Motors (7211 JT) Raises Guidance Numbers on Currency
23. Nissan (7201 JT): Despite Q1 Above Estimates, No Change to FY22 Target
24. Hino (7205 JT): FY22 Q1 Results
25. June Production Levels at Toyota (7203 JT) Falls Below 800k Units
Auto Parts / Machinery
26. Fanuc (6954 JT) Raises Product Prices
27. Denso (6902 JT) and Aisin (7259 JT) Disappoint
28. Komatsu (6301 JT) Strong Q1 But FY22 Guidance Unchanged
Internet / eCommerce
29. CyberAgent (4751 JT) Keeps FY22 Guidance Unchanged
30. Z Holdings (4689 JT) to Consolidate PayPay
31. Demae-Can (2484 JT): Volatility in Share Price This Week
32. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
33. Cybozu (4776 JT): Preliminary FY22 Q2 Results Confirms on Track for FY
34. NRI (4703 JT) FY22 Q1 Preview / Results
35. M3 Inc (2413 JT) 1Q OP -24% YoY
Pharma
36. Astellas Pharma (4503 JT): Positive Results for Padcev
37. Pharma News & Moves That Caught Our Eye
Miscellaneous
38. Shimano (7309 JT) 2Q OP +15% YoY
39. Other News & Moves That Caught Our Eye