The PSA Must Read Weekly Research Round-Up (week to Aug 10)
Inside the PSA Japan Weekly Research Round-Up you have:
The Weekly Comment by Pelham Smithers (available upon request):
Ahead of August 14th’s expected GDP number, we discuss Japan’s inflation story.
Reports / Flash Notes Published This Week: Headlines at a Glance (full reports available upon request):
1. Japanese Politics – Abe’s Waning Popularity
2. Internet: Rakuten (4755) Q2 FY17 – A Decent Quarter but the Risk of Profit Volatility is High
3. Industrial Machinery: IHI (7013) – Still Engine-Driven – Aero & Turbochargers
4. Autos: Toyota-Mazda Alliance to Help Facing Future Uncertainty
5. Software: DeNA (2432) – Weak Q1 but Improvement Expected
Company / Sector / Thematic Comments at a Glance:
Technology: Consumer Electronics / Gaming / Industrial Electronics / Precision / Electronic Components
1. Gumi (3903): Pre-launch Registration for New 3D RPG Game Strong
2. Competition to Battery Makers from GS Yuasa (6674)’s New LiB
3. Olympus (7733): Are Investors Losing Patience?
4. Toshiba (6502): Accounts Signed Off
Chemicals
5. Sumco (3436): The First to Announce New Wafer Capacity
6. Japan Display (6740): Announces More Radical Restructuring
7. Toyo Kohan (5453): Positives Outweighing the Negatives
8. Nissha Printing (7915): Q1 Call Suggests the New OLED Phone is on Track
9. W-Scope (6619): A Shocking Downward Revision
Autos
10. Strong Demand for Japanese Cars in China
11. Two-Wheeler Sales Growth Accelerate
12. Isuzu (7202) FY17 Q1: Operations Steadily Improving
Auto Parts / Machinery
13. Auto Components: Aisin Seiki (7259), Denso (6902) Spread / Koito (7276) New Listing High
14. IHI (7013): Despite Market Concerns, We See Upside
15. Automation Plays: Results and Reactions
16. Pioneer (6773): Hopes of Cost Cuts and Improved Model Mix to Offset a Weak Q1
Telecom
17. SoftBank (9984): FY17 1Q – Flattering but Ultimately Only Passable / Son’s Deal Making Skills
Internet
18. mixi (2121): Remains a One Hit Wonder
PSA Company Visits, Tours and Interviews:
• Attended earnings meetings for Toray (3402), Kuraray (3405) Nabtesco (6268), Nihon M&A Center (2127), Toa Gosei (4045), Showa Denko (4004), Central Glass (4044), Sumco (3436), Japan Display (6740), Daifuku (6383), W-Scope (6619), Nabtesco (6268)
• Participated in earnings calls for Kaneka (4118), DeNA (2432), Daikin (6367), IHI (7013), Nissha Printing (7915)
• Visited Teijin (3401), Hitachi Chemical (4217), Asahi Kasei (3407) / 1:1 meeting with Toyota (7203) IR in London
PSA in the Media:
• PSA quoted in FT, Bloomberg this week on SoftBank
• Pelham Smithers on BBC News 24 8:30am on August 10th, to discuss Toshiba – https://goo.gl/okjmWr
TSE EV/OP Table
List of PSA Published Reports Since Q2 2017 to Date
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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