Pelham Smithers Associates Ltd - The PSA Weekly Research Round up for the week to 10 August 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 week to 10 August 2023

Weekly Comment Summary
Sony’s Film division was expected to have a strong June quarter on the back of the success of Spider-man: Across the Spider-Verse, but it didn’t work out that way. Pelham Smithers investigates.

PSA Company Visits, Tours and Interviews
• Presentations at: Fujifilm Holdings (4901 JT), Nissan Chemical (4021 JT), Sumitomo Bakelite (4203 JT), Mitsubishi Gas Chemical (4182 JT), Kuraray (3405 JT), Sumco (3436 JT), JSR (4185 JT), Tokyo Ohka Kogyo (4186 JT), Teijin (3401 JT), Toray (3402 JT), Resonac (4004 JT), Nisshinbo Holdings (3105 JT), Nissha (7915 JT), Toagosei (4045 JT), Kaneka (4118 JT), Fujikura (5803 JT), Daifuku (6383 JT), Nabtesco (6268 JT), SMC (6273 JT), KHI (7012 JT), Daikin (6367 JT)
• Earnings webcast at: Mercari (4385 JT), Rakuten (4755 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Square Enix (9684 JT) Outlook
2. Japan’s Auto Companies in a Goldilocks Market
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Japan’s Mobile Games Market Slumps
2. Bandai Namco (7832 JT): FY23 Q1 OP -37% YoY / No Change to Full Year
3. Sony (6758 JT) FY23 Q1 OP -31% YoY
4. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
5. Renesas (6723 JT) Acquires Sequans
6. Lasertec’s (6920 JT) FY23 Results: OP +92% YoY
7. Nikon (7731 JT): FY23 Q1 OP -79% YoY / 1H CE Cut but Full-Year Raised
8. Sysmex (6869 JT): FY23 Q1 OP +20% YoY / No Change to Full Year
9. Fujifilm (4901 JT): Q1 Results Helped by Imaging
10. Tokyo Electron (8035 JT) FY23 Q1 OP -30% YoY
11. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
12. Nissan Chemical’s (4021 JT) Full-Year Guidance Unchanged
13. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
14. Mazda (7261 JT): Misses Consensus FY23 Q1 Targets on Higher Expenses
15. Honda (7267 JT) Produces Strong FY23 Q1 Results but Leaves Guidance Unchanged
16. Isuzu (7202 JT) FY23 Q1Earnings Rise on Japan Operations, Strong Pricing
17. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
18. Feedback from Nabtesco’s (6268 JT) H1 Earnings Call: Neutral
19. KHI (7012 JT) Q1 Disappoints Despite Share Gains for US Motorcycles
20. Daikin (6367 JT): FY23 Q1 Results: China Strong but R&D Rising
21. Daifuku (6383 JT) Sold Down -11% on Poor FY23 Q1 Results
22. SMC (6273 JT) Switches to EY for Auditing
23. Fujikura (5803 JT) FY23 Q1 OP Well Above Consensus
Internet / eCommerce
24. Trend Micro’s (4704 JT) FY23 Q2 Earnings Beat
25. Cover (5253 JT) off to a Strong Start
26. Rakuten Group- (4755 JT) Related News / Q1 Results
27. Other Internet / eCommerce News & Moves That Caught Our Eye
Enterprise Software / IT Services
28. System Integrator FY23 Q1 Orders and Backlog / Winners and Losers
29. NTT Data (9613 JT) FY23 Q1 OP Misses Market Expectations
30. IIJ (3774 JT) FY23 Q1 OP and Sales Miss Market Expectations
Pharma
31. Pharma News & Moves That Caught Our Eye
Miscellaneous / Market / Strategy / Macro
32. China Trade Figures / Japan’s Wages
33. Japan’s June Results Season: Falling Short
34. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since April 2023

10/08/2023 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 Weekly Research Round up for the week to 10 August 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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