The PSA Weekly Research Round up covering the Golden Week period of 30 April~10 May 2024

Weekly Comment Summary
Next week sees Japan publish its 2024 Q1 GDP number.
It is expected to be bad, but it’ll be interesting to see just how bad.
Pelham Smithers discusses.

PSA Company Visits, Tours and Interviews
• Visited / Had Calls with: Nidec (6594 JT), San-A (2659 JT), Insource (6200 JT)
• Conference Calls with: Koshidaka Holdings (2157 JT), Amvis (7071 JT), Moriya (6226 JT)
• Presentations at: M&A Research Institutes (9552 JT), Nihon M&A Center (2127 JT), Open Up Group (2154 JT), KH Neochem (4189 JT), Shin-Etsu Polymer (7970 JT), Asahi Kasei (3407 JT), Sumco (3436 JT), Fujifilm (4901 JT), Nissha (7915 JT), Mitsubishi Gas Chemical (4182 JT), KHI (7012 JT), MHI (7011 JT), Daikin (6367 JT), MinebeaMitsumi (6479 JT), HCM (6305 JT), Nissan Motor (7201 JT), MMC (7211 JT), Honda Motor (7267 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. The Economics and Implications of the Semiconductor, Data and AI Feedback Loop
2. Sony (6758 JT) / Paramount Update
3. CUC (9158 JT) Update
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Game Industry Round-up Part 1
2. Video Game Industry Round-up Part 2
3. Square Enix in ¥22bil Write-Down Move
4. Sony Upsets Gamers, Investors Alike
5. Nintendo FY23 Q4 OP -31% YoY
6. Capcom: FY23 Q4 OP -46% YoY, FY24 OP Below Consensus
7. Konami: FY23 Q4 OP +138% YoY but Underwhelms on FY24 Outlook
8. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
9. Ricoh FY23 Q4 OP -36% YoY
10. New IC Backend Collaboration Sends Related Shares Higher
11. Rohm Forecasts -68% Fall in FY24 OP
12. Nikon: FY23 Q4 OP +25% YoY, but Disappoints on FY24 Forecast
13. Tokyo Electron FY23 Q4 OP -5% YoY, to Buy Back 0.8% of Shares
14. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
15. Sumitomo Chemical’s Strategy Disappoints the Market
16. Shin-Etsu Sold Down Since FY24 Q4 Release, Despite Higher Payouts
17. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
18. Market Nervousness over Auto Sector’s FY24 Outlook
19. Japan Mini Vehicle Sales Weighed Down by Daihatsu Production Issues
20. Toyota’s FY23 Q4 Earnings Preview / Results
21. Mitsubishi Motors’ FY23 Q4 Results Short of Consensus Estimates
22. Nissan Misses FY23 Estimates, Upbeat about FY24 Prospects
23. Honda Produces Strong FY23 Results
Capital Goods: Auto Parts / Machinery
24. Komatsu’s First Share Buyback in 10 Years
25. Nabtesco Upgrade on Doors & Transportation
26. Fujikura Nears ¥3,000 Ahead of 13 May Earnings Release
27. KHI Comes Through as We Hoped
28. MHI Disappoints on Energy One-Offs and Soaring R&D
29. Positive HCM Guidance May Have Helped Takeuchi
30. Daikin Rises on Optimism
Internet / eCommerce
31. BASE Inc Expects to be Profitable in FY24
Enterprise Software / IT Services
32. ExaWizards Wins New Client in FamilyMart
33. TIS FY23 Q4 Preview / Results
34. JMDC FY23 OP Misses Expectations Due to One-Time Cost
35. NTT Data FY23 Beats Forecasts Thanks to Japan, Europe Demand, Weaker Yen
Pharma / Healthcare
36. Omron FY23 Q4 OP -72% YoY but Ahead of Consensus
37. Full-Year FY23 Results for Sysmex
38. Yet Another Disappointing Qtr for Olympus but Beats FY24 Consensus
39. Other Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
40. M&A Research Institute (MARI) announced its Q2 result on 30 April and held analyst meeting same day
41. Insource April KPIs / FY 24 Q2 Results
42. Koshidaka KPIs Running Ahead of 2H Guidance
43. Amvis: Q2 Performance Better Than Expected
44. Treasure Factory’s April KPIs are Trending Ahead of Guidance
45. Kakuyasu: Solid KPIs for April Given Tough Comps
46. Strong Q4 for Moriya, DPS and MTP Targets Raised
47. Open Up Group Revises up DPS
Miscellaneous / Market / Strategy / Macro
48. Japanese Economic Data is Again Underwhelming
49. Other News & Moves That Caught Our Eye
List of Recently Published PSA Reports