The PSA Weekly Research Round up for the week ending 4 August 2023

Weekly Comment Summary
In the mid-2000s, Nintendo was the “N” in FANG – the four stocks you “had to own” (Facebook, Apple, Nintendo, Google). Unfortunately, with the WiiU it badly dropped the ball. However, so good was the firm’s FY23 Q1 performance, that you have to ask: Is Nintendo back in the game?

PSA Company Visits, Tours and Interviews
• Conference Calls with: NS Solutions (2327 JT), Obic Business Consultants (4733 JT)
• Presentations at: Hoya Corp (7741 JT), TDK (6762 JT), Mitsubishi Chemical Group (4188 JT), Sumitomo Chemical (4005 JT), Asahi Kasei (3407 JT), Tosoh (4042 JT), Mitsui Chemicals (4183 JT), UBE Corp (4208 JT), KH Neochem (4189 JT), GS Yuasa (6674 JT)
• Earnings webcast: Z Holdings (4689 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Rakuten Pay Terminal: The Latest Newcomer in the Crowded Cashless Payment Terminal Market
2. Hitachi (6501 JT), Bill Schmarzo and Data Monetization.
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Global Video Game Console Sales in June +43% YoY
2. Panasonic (6752 JT) FY23 Q1 OP +42% YoY
3. Nintendo (7974 JT) FY23 Q1 OP +82% YoY
4. Switch 2 Arrival Christmas 2024?
5. Konami (9766 JT) FY23 Q1 OP +22% YoY
6. Square Enix (9684 JT) FY23 Q1 OP Falls -79% YoY
7. Megachips (6875 JT) FY23 Q1 OP +42% YoY
8. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
9. Murata (6981 JT) FY23 Q1 OP -45% YoY
10. Hoya (7741 JT) FY23 Q1 OP -26% YoY
11. Rohm (6963 JT) FY23 Q1 OP -21% YoY
12. Tokyo Seimitsu (7729 JT) FY23 Q1 Orders -36% YoY
13. TDK (6762 JT) Revises Down FY23 Targets on Slumping HDD Demand
14. Taiyo Yuden (6976 JT) Reports a Q1 Loss
15. A&D Holon (7745 JT) FY23 Q1 OP Falls Short
16. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
17. Review of Major Chemical Earnings this Week
18. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
19. FY23 Q1 as Good as It Gets for the Auto Sector?
20. Toyota (7203 JT) Doubles FY23 Q1 OP but Kept the Full Year Forecast
21. Subaru (7270 JT) FY23 Q1 Earnings Beats Consensus Estimates
22. Suzuki (7269 JT) Raises its FY23 Guidance on Currency
23. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
24. Nabtesco (6268 JT) Cuts Full-Year OP by -27% on Robotics Caution
25. Komatsu (6301 JT) Dividend Yield Likely 4.5%
26. HCM (6305 JT): Mining and Price Increases to Support FY24
27. Read Across to Japan’s Machinery Plays on Caterpillar’s Results
Internet / eCommerce
28. ZOZO (3092 JT) Sold Off Despite an Earnings Beat
29. BASE Inc’s (4477 JT) Q2 Operating Loss Contracted by ¥581mil YoY
30. Z Holdings’ (4689 JT) Shares Surge as Cost Cuts Progressed Ahead of Plan
31. Rakuten (4755 JT) Announces an MoU with OpenAI
32. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
33. TIS (3626 JT) FY23 Q1 Preview / Results
34. SRE Holdings (2980 JT): Reports FY23 Q1 Sales Beat but Wide Miss on OP
35. Itochu’s (8001 JT) Tender Offer for CTC (4739 JT)
Pharma
36. Pharma News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
37. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since April 2023