The PSA Weekly Research Round Up for the week to 19 Jan 2024

Weekly Comment Summary
Foreign investors bought US$10bil worth of Japanese shares in the first two weeks of 2024 and are consequently cited as a reason why the Nikkei 225 could exceed its 1989 high this year. However, can foreigners really be relied on? Pelham Smithers investigates.

PSA Company Visits, Tours and Interviews
• Visited: Yaskawa Electric (6506 JT)
• Conference Calls with: Email Q&A with Money Forward (3994 JT), Sansan (4443 JT), ExaWizards (4259 JT)
• Presentations at: Money Forward, Tosoh (4042 JT)

PSA in the Press
PSA’s video game timeline is referenced in “Visualizing 50 Years Of Video Game Revenues, By Platform | ZeroHedge” /technology/visualizing-50-years-video-game-revenues-platform

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Curves Holdings (7085 JT) Initiation: Strong FCF Generator
2. UBE Corp (4208 JT) – Restructuring a Conglomerate
3. Treasure Factory (3093 JT) Initiation – Purveyor of High-Quality Second-Hand Goods
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round Up
2. Nexon (3659 JT) Fined by Korean FTC for Violating the Electronic Commerce Act
3. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Implications for Global Semis as Smartphone Shipments Rise in Q4, PC Shipments Level Out
5. Nov MLCC Production +12% YoY in Yen Terms
6. The Big Takeaway from TSMC’s Results is Not the “AI Boom”, but the Smartphone Recovery
7. NEC Corp (6701 JT) in Portable 5G Display
8. Fujitsu (6702 JT) Starts Publicly Addressing Horizon Debacle
9. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
10. Sekisui House (1928 JT) Positions for USA Growth
11. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
12. China Reaches Record Auto Sales in 2023 – Thanks to Exports, NEVs
13. Daihatsu Loses Certification for Three Models
14. Toyota (7203 JT) Forecasts a Further Production Rise in 2024
15. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
16. Yaskawa (6506 JT) Shares Barely Fall, Perhaps on Currency Optimism
17. Daifuku (6383 JT) ¥3,000 Plateau Early in the Week on Upgrade
18. China Looking to Export Warehouse Picking Robots to Japan
Enterprise Software / IT Services
19. New Demand for Digital Invoicing SaaS – Will it Start to Die Down Soon?
20. Money Forward (3994 JT) Surges on Strong FY23 Results / FY24 Guidance and Long-Term Targets
21. Sansan (4443 JT) Shares Sink on FY23 Q2 OP Miss; Beats on Sales
Pharma
22. Pharma-Related News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
23. A Record Dec for Visitors to Japan
24. Park24’s (4666 JT) Dec Sales Running Ahead of Company Plan
Miscellaneous / Market / Strategy / Macro
25. TSE Ups the Ante on Corporate Behaviour and Disclosure as Prime and Standard Markets Bifurcate
26. Japan Companies Negative on China in 2024
27. Core Machinery Orders Down but Order Backlog Grows
28. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since October 2023