The PSA Japan Weekly Research Round-Up for week ending 4 Nov 2022

Weekly Comment Summary
Thao Nguyen discusses what the future holds for Japan’s e-commerce companies as they emerge from life amid Covid restrictions on physical shopping.

PSA Company Visits, Tours and Interviews
Presentations at: Z Holdings (4689 JT), TDK (6762 JT), Dexerials (4980 JT), JSR (4185 JT), Sumitomo Chemical (4005 JT), Tosoh (4042 JT), Zeon Corp (4205 JT), UBE Corp (4208 JT), IDEC (6625 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Anycolor (5032 JT) Initiation
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Panasonic (6752 JT) 2Q FY22 Results Suggest Hard Work Ahead in 2H
2. Koei Tecmo (3635 JT) 2Q FY22 Results Fall Short of Consensus
3. Sony (6758 JT): Positive Reaction to 2Q FY22 Results
4. PSVR2 Headset Launches in Feb 2023 with US$549 Retail Price
5. Konami (9766 JT) 2Q FY22 OP -42% YoY Due to Tough Comps
6. Market Ignores 37% YoY Decline in Sega Sammy’s (6460 JT) 2Q OP
7. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
8. Murata (6981 JT) FY22 Forecasts Cut and Based on ¥140/US$
9. Lasertec (6920 JT) Strong 1Q FY23 but No Change to Full Year
10. TDK (6762 JT) Revises Up FY22 but Conservative FX Leaves a Cushion
11. Rohm (6963 JT) 2Q FY22 OP Beat Consensus, Full Year Forecasts Raised
12. Minebea Mitsumi (6479 JT) Guides for a Strong FY23
13. Ricoh (7752 JT) 2Q OP Falls Short of Expectations, FY22 CE OP Cut
14. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
15. JSR’s (4185 JT) Medium Term Looks Better than its Short Term
16. Dexerials (4980 JT) Revises up Earnings and Share Buybacks
17. Zeon(4205 JT) Lowers Guidance on Weak Optical Film
Autos
18. Suzuki (7269 JT) Shares Rise on Maruti Suzuki Q2 Results
19. Toyota (7203 JT) Keeps FY22 OP Forecast Unchanged
20. Subaru (7270 JT) Lifts FY22 OP CE on Currency Gains, Pricing
21. Mitsubishi Motors (7211 JT) Reports Better than Expected Q2 Results
Auto Parts / Machinery
22. Komatsu (6301 JT) Lifts FY22 OPe by 27%; FY23 Outlook Surprisingly Firm
23. Nabtesco (6268 JT) Cuts OP Guidance for a Second Time
24. Toyota Industries’ (6201 JT) Earnings Calls Disappoints
25. Daikin Industries (6367 JT): We See 15% Beat of Q2 Guidance
26. IDEC (6652 JT) Beats Raised Guidance but Production Overhaul May Weigh on FY22 OP
Internet / eCommerce 19
27. ZOZO’s (3092 JT) FY22 Q2 OP Beats While FY22e Is Kept Unchanged
28. Mercari (4385 JT) Reports a Strong FY23 Q1 Beat
29. Gree’s (3632 JT) FY23 Q1 Misses
30. Z Holdings (4689 JT) Hits New YTD Low on Weak FY22 2Q Results
31. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
32. NTT Data (9613 JT) FY22 Q2 Preview
33. SRE Holdings (2980 JT) Shares Rewarded for Strong Earnings
34. TIS (3626 JT) FY22 Q2 Beats Market Estimates, Raises Full-Year Forecasts
35. Other ERP Software / IT Services News & Moves That Caught Our Eye
Telecom
36. KDDI (9433 JT) 2Q FY22 OP -5% YoY
Pharma
37. Pharma News & Moves That Caught Our Eye
Miscellaneous
38. Other News & Moves That Caught Our Eye
List of PSA Published Reports since July 2022