- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Japan Weekly Research Round-Up for the Week to Thursday 10 February 2022 – ahead of the National Foundation Day holiday on Friday 11 Feb
The Weekly Comment SummaryPelham Smithers discusses why Covid has been tougher than you’d think for Japanese video game companies.
PSA Company Visits, Tours, and Interviews
Visited: TDK (6762 JT)
Conference Calls with: Email Q&A with TIS Inc (3626 JT) and Sansan (4443 JT)
Presentations at: BASE Inc (4477 JT), Fujifilm Holdings (4901 JT), Asahi Kasei (3407 JT), Sumco (3436), Toray (3402 JT), Teijin (3401 JT), Sumitomo Bakelite (4203 JT), Kuraray (3405 JT), KH Neochem (4189 JT), Toshiba (6502 JT), Kaneka (4118 JT), Daifuku (6383 JT), IHI (7013 JT), Daikin (6367 JT), Fujikura (5803 JT), GS Yuasa (6674 JT)
PSA Weekly Contents at a Glance
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Spotify, Meta, Twitter Issues Underscore Problems with Platform Approach
2. Nexon (3659 JT) 4Q FY21 OP -81% YoY
3. Bandai Namco (7832 JT) Targets Metaverse in New Mid-Term Plan
4. Colopl (3668 JT) 1Q FY22 OP -45% YoY
5. Sega Sammy (6460 JT): FY21 Revision Up Still Suggests a Loss in Q4
6. Other Consumer Electronic / Gaming New & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Renesas (6723 JT) 4Q FY21 OP +4x YoY
8. Tokyo Electron (8035 JT) 3Q FY21 OP +148% YoY
9. Other Tech-Related New & Moves That Caught Our Eye
Chemicals / Materials
10. Kaneka (4118 JT) To Expand its Biodegradable Plastic
11. KH Neochem’s (4189 JT) Positive Spin on FY22 Guidance, Despite Lower OP
12. Asahi Kasei Focuses its Call on Growth Businesses
13. Fujifilm (4901 JT) Reports a Solid Q3
Autos
14. Subaru (7270 JT) FY21 Q3 Results Hit by Production Cuts, Raw Material Costs
15. Nissan (7201 JT) Raises FY21 Profit Guidance Numbers
16. Toyota (7203 JT) FY21 Q3 Profits Fall, but OP Forecast Remains Unchanged
17. Honda (7267 JT) Ups FY21 OP Forecast
18. Mazda (7261 JT) Raises FY21 OP Forecast
Auto Parts / Machinery
19. Daifuku (6383 JT) Rebounds by Over 10%
20. Daikin (6367 JT): FY21 OP Guidance Raised by 3% on Strong A/C Demand
21. IHI (7013 JT) FY21 Results Q3 Neutral; FY22 Nearly Covered at ¥115
22. Nabtesco (6268JT) FY21 OP 9% Below Guidance; FY22 OP Nearly 10% Below Consensus
Internet / eCommerce
23. Gree (3632 JT): FY22 Q2 Sales +18% YoY
24. DeNA (4232 JT): FY21 Q3 Earnings Miss
25. BASE (4477 JT) Expects Bigger Losses in FY22
Enterprise Software
26. Cybozu (4776 JT) Books Impairment Charge but Revises Up FY21 NP Due to Budget Underspend
Telecom
27. NTT (9432 JT) FY21 3Q OP +7% YoY
28. SoftBank Group (9984 JT) to IPO ARM?
29. SoftBank Group Solves Some Problems
Pharma
30. Good News for Shionogi’s (4507 JT) Phase 2a Trial for S-217622
Miscellaneous
31. Other New & Moves That Caught Our Eye
Market / Strategy / Macro
32. JGB Market Rises Despite Disappointing Data
33. Results Thus Far, Full Year Forecasts and Eeyoreish March Q Topix OP/Shr
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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