Pelham Smithers Associates Ltd - The PSA Weekly Research Round-Up for the period covering Easter Friday 7 Apr~14 Apr 2023

Report

Pelham Smithers Associates Ltd

Joel Scheiman ...

Julie Boote
Lindsay Whipp
Pelham Smithers
Thao Nguyen
William Nestuk

The PSA Weekly Research Round-Up for the period covering Easter Friday 7 Apr~14 Apr 2023

Weekly Comment Summary
Joel Scheiman examines the issue of the tussle for global control over rare earths [RE] between the West and China. This is a significant factor for Japan, which dominates the hi-end global RE magnet market.

PSA Company Visits, Tours and Interviews
Visited: Yaskawa (6506 JT), Takeuchi Mfg (6432 JT)
Conference Calls with: Email Q&A with Shift Inc (3697 JT)
Presentations at: Money Forward (3994 JT), Asahi Kasei (3407 JT), Yaskawa (6506 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Shift Inc (3697 JT) – It’s All About the People

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. PS5 Again Unimpressive in Latest Japanese Video Game Sales Data
2. March PS5 Sales in UK Fall -2% MoM
3. 2023 Q1 Mobile Game Sales Decline YoY for Fifth Consecutive Quarter
4. Sony to Host FF16-Focused State of Play at 5pm East Coast Time
5. Samsung’s (005930 KS) 2023 Q1 OP Guidance Well Below Consensus
6. Osaka Casino Set for Approval?
7. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
8. Global Semiconductor Shipments Down -24% YoY in Feb
9. Readthrough for Japanese Component Suppliers on iPhone 15 Expectations
10. NEC (6701 JT) Uses CNT to Develop Uncooled Infra-Red Image Sensor
11. Disco (6146 JT): FY22 Q4 Parent Sales +9% YoY Hit an All-Time High
12. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
13. Asahi Kasei Lowers FY24 Targets, Considers More Collaboration
14. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
15. Toyota Motor (7203 JT): Updates Management Policy
Auto Parts / Machinery
16. Yaskawa (6506 JT) Record FY23 OP Guidance / President’s Call
17. Denso’s (6902 JT) Next President is a Software and Mobility Expert
18. Strong Q4 FY22 / FY23 OP Guidance Sends Takeuchi (6432 JT) Limit Up; Komatsu +3.3%
19. Feb Machinery Orders +1% YoY, “Core” Orders +10%
Internet / eCommerce
20. BASE Inc (4477 JT) Launches a BNPL Service
21. Demae-can (2484 JT) Revises FY23 Sales Guidance Downward, Expects Losses to Contract
22. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
23. Sansan (4443 JT): FY23 Q3 Preview and Slam Dunk Results
24. Shift Inc: FY22 Q2 Key Takeaways
25. Money Forward (3994 JT): FY23 Q1 Preview
Telecom
26. SoftBank Group (9983 JT): Alibaba Sale / ARM IPO
Pharma
27. Eisai’s (4523 JT) Leqembi Gets Another Boost
28. Other Pharma News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
29. Japanese Wages and Household Spending Rise in Feb
30. Consensus Forecasts Show Differing Market Expectations
31. Vector Inc (6058 JT) FY22 Q4 OP Falls -24% YoY
32. Toho (9602 JT): FY22 Q4 Results Well Short of Consensus Estimates
33. MonotaRO (3064 JT) Puts Up Record Numbers
34. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since December 2022

14/04/2023 1 EN

Provider

Pelham Smithers Associates Ltd

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.

See profile

Analysts

Joel Scheiman

Julie Boote

Lindsay Whipp

Pelham Smithers

Thao Nguyen

William Nestuk

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The PSA Research Round-Up for the Two-Week Period Covering 11~25 April 2025

Weekly Comment Summary Two weeks ago, we wrote here about how US trade policy was generating a very “top down” market. Since then, uncertainty has replaced fear, and this has led to a very “bottom up" market, with the winners those delivering good / better-than-expected news, explains Pelham Smithers. PSA Company Visits, Tours and Interviews Visited: TKP (3479 JT), JINS Holdings (3046 JT), Treasure Factory (3093 JT), Koshidaka Holdings (2157 JT) 1-1 Call with: Insource (6200 JT) Presentations at: Shin-Etsu Chemical (4063 JT), Nitto Denko (6988 JT), Fujifilm Holdings (4901 JT), Zeon Corp...

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Hiroyuki Terada

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PSA Broadline Retail: Treasure Factory (3093 JT): Inbound Sales Still Solid in Q1

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April 25, 2025 April 25, 2025 1 EN

Joel Scheiman ... (+6)

Joel Scheiman
Julie Boote
Lindsay Whipp
Nia Dokova
Pelham Smithers
William Nestuk

PSA Today 25 Apr: Most of tariff fall recouped now / Tokyo CPI / Analyst articles on Advantest, Nissan, Hino, Denso, HCM, NRI, NTT Data, Chugai, DSK – Nikkei 225 +1.90% | ¥$143.55

PSA Today Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman, William Nestuk, Lindsay Whipp and Nia Dokova Tags: Renesas (6723 JT), Fujikura (5803 JT), Furukawa Electric (5801 JT), Nidec (6594 JT), Fujitsu (6702 JT), Hitachi (6501 JT), NEC Corp (6701 JT), Canon (7751 JT), Shin-Etsu Chemical (4063 JT), Zeon Corp (4205 JT), Tokyo Steel (5423 JT), Daiichi Sankyo (4568 JT), Chugai Pharmaceutical (4519 JT), Advantest (6857 JT), Teradyne (TER US), Lam Research (LRCX US), Tokyo Seimitsu (7729 JT), Ulvac (6728 JT), Nissan Motor (7201 JT), Honda Motor (7267 JT), Hino Motors (7205 JT...

April 25, 2025 April 25, 2025 1 EN

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The PSA Weekly Research Round-Up for the period covering Easter Friday 7 Apr~14 Apr 2023

The PSA Research Round-Up for the Two-Week Period Covering 11~25 April 2025

PSA Broadline Retail: Treasure Factory (3093 JT): Inbound Sales Still Solid in Q1

PSA Today 25 Apr: Most of tariff fall recouped now / Tokyo CPI / Analyst articles on Advantest, Nissan, Hino, Denso, HCM, NRI, NTT Data, Chugai, DSK – Nikkei 225 +1.90% | ¥$143.55

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