The PSA Japan Weekly Research Round-Up for the Week to 5 August 2022

The Weekly Comment Summary
Just how bad was China’s economy in Q2? Examining Japanese companies’ Q2 results, Pelham Smithers draws some conclusions.

PSA Company Visits, Tours, and Interviews
Conference Call with: Pony.ai
Presentations at: Z Holdings (4689 JT), TDK (6762 JT), JSR (4185 JT), Sumitomo Chemical (4005 JT), Tosoh (4042 JT), Mitsubishi Chemical Group (4188 JT), Asahi Kasei (3407 JT), Hoya (7741 JT), Showa Denko (4004 JT), UBE Corp (4208 JT), Tokyo Ohka Kogyo (4186 JT), Sumco (3436 JT), Mitsui Chemicals (4183 JT), Mitsubishi Gas Chemical (4182 JT), Nomura Research Institute (4703 JT), Fujikura (5803 JT), Minebea-Mitsumi (6479 JT), Daikin (6367 JT), GS Yuasa (6674 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Toyota (7203 JT) FY22 Q1 Preview
2. Review of Toyota’s (7203 JT) Q1 and FY22 Outlook
3. The Rise of Digital Invoicing in Japan
4. Global June Semiconductor Shipments Rise 10% YoY
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Sony 1Q FY22 OP +10% YoY but Revises Down Full Year
2. Sony: The Ramp Up of PS5 Shipments Begins
3. Nintendo (7974 JT) 1Q FY22 OP -15% YoY
4. Square Enix (9684 JT) 1Q FY22 OP Falls 17% YoY
5. Bandai Namco (7832 JT) 1Q OP +64% YoY
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Global June Semiconductor Shipments Rise 10% YoY
8. Ibiden (4062 JT): 1Q FY22 OP +15% YoY, Forecasts Unchanged
9. Tokyo Seimitsu (7729 JT): 1Q FY22 OP Down 5% YoY, No Change to Full Year
8. Taiyo Yuden (6976 JT) 1Q OP Falls 13% YoY, No Change to FY22 Target
9. Ricoh (7752 JT) 1Q FY22 OP +70% YoY
10. Nikon (7731 JT) 1Q FY22 OP -23% YoY, Revises Up Full Year
11. Lasertec (6920 JT) 4Q FY22 OP +113% YoY
12. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
13. Mitsubishi Chemical Group (4188 JT) May Split Off Petrochemicals
14. JSR’s (4185 JT) Revised Guidance Likely to Disappoint
15. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
16. Hino Motors’ (7205 JT) Emission Data Falsification Case Broadens
17. Subaru (7270 JT) Reports FY22 Q1 Earnings
18. Toyota (7203 JT) Leaves Full-Year Guidance Unchanged
19. Suzuki (7269 JT) FY22 Q1 Results Beat Estimates
Auto Parts / Machinery
20. Daikin (6367 JT): FY22 Q1 Preview / Results
21. Fujikura (5803 JT): Bullish Trends, but Modest FY22 Upgrade on Helium Concerns
Internet / eCommerce
22. ZOZO’s (6092 JT) FY22 Q1: a Positive Surprise
23. Z Holdings (4689 JT) Sold Off Post Earnings
24. BASE Inc (4477 JT) Sold Off Following FY22 Q2 Results
25. Mixi’s (2121 JT) FY22 is Off to a Good Start
26. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
27. SRE Holdings (2980 JT) FY22 Q1 Sails Past Consensus for Sales, Meets OP
28. TIS Inc (3626 JT) FY22 Q1 Preview and Results
29. NTT Data (9613 JT) FY22 Q1 Earnings Preview
30. Nomura Research Institute (4307 JT): Additional Thoughts on FY22 Q1
31. Other ERP Software / IT Services News & Moves That Caught Our Eye
Pharma
32. Pharma News & Moves That Caught Our Eye
Miscellaneous
33. Other News & Moves That Caught Our Eye
Market / Strategy / Macro
34. Lessons and Insights from Results Thus Far
35. June Wage / Household Spending