The PSA Weekly Research Round up for the week to 24 May 2024

Weekly Comment Summary
Since the bubble burst, Japanese shares [ie Topix ex-financials] have averaged around 15x forward EV/OP.
They went into “cheap” territory in the late 2010s, but the recent rally has them back at “fair value”.
Pelham Smithers asks what next?

PSA in the Press
Pelham Smithers gets a byline in this article on Kim Kardashian and her role in the gaming world. Kim Kardashian: Hollywood has a lasting video game legacy - Polygon

PSA Company Visits, Tours and Interviews
• Visited: Kakuyasu Group (7686 JT), Sanrio (8136 JT)
• Conference Calls with: Hotland (3196 JT), S-pool (2471 JT), Open Up Group (2154 JT)
• Presentations at: Moriya (6226 JT), Kyoritsu Maintenance (9616 JT), Japan Elevator Services (6544 JT), Nippon Soda (4041 JT), Asahi Kasei (3407 JT), UBE Corp (4208 JT), TDK (6762 JT), Tosoh (4042 JT), NOF Corp (4403 JT), Iwatani Corp (8088 JT), Teijin (3401 JT), Kanto Denka (4047 JT)
• Small meeting with: Sumitomo Chemical (4005 JT)
• Contacted: Shin-Etsu Chemical (4063 JT). Fujikura (5803 JT), Komatsu (6301 JT), Daikin (6367 JT), NOK (7240 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Nidec (6594 JT) New Management – New Cautious Approach
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Industry Round-up
2. Nintendo Acquires Shiver from Embracer
3. Sony Hosts Strategy Meeting
4. Square Enix – What Can Management Do to Change Things?
5. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Camera Market Sees Decent Start to 2024
7. Nvidia Results Preview / Market Reaction to Results
8. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
9. UBE Corp: Focus on Fine Chemicals and Gigapress
10. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
11. Japan and ASEAN to Develop Joint Auto Strategy
12. Hino to Launch Heavy-Duty BEV in the US
13. Mitsubishi Motors Plans US Market Expansion – Will It Work?
Capital Goods: Auto Parts / Machinery
14. Fujikura Leads Cable Maker Rally
15. Rising Copper Price Helps Komatsu, Weighs on Daikin
Enterprise Software / IT Services
16. Sansan Expands Bill One Functions to Look Increasingly Like a Fintech Firm as it Opens a Neobank
Pharma / Healthcare
17. Nxera’s Muscarinic Receptors Attracting Attention Again
18. Kobayashi Pharma’s Red Yeast Scandal Will End 27-Year-Long Net Profit Increase Streak
19. Astellas &Yaskawa Sign Cell Therapy Research Collaboration MOU
20. Other Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
21. A Home Run for Hotland’s Tsukiji Gindaco
22. OUG, Moriya, and the Labour Shortage
23. S-Pool: Upward Revision Likely to H1 OP and NP Guidance
24. Kyoritsu Maintenance: KPIs Coming in Ahead of Plan
Miscellaneous / Market / Strategy / Macro
25. Tokyo Market’s Supply Problem Rears Its Head Again
26. Evidence the J-Curve Effect is Starting to Bite Again
27. April CPI – Something for Everyone
28. Other News & Moves That Caught Our Eye
List of Recently Published PSA Reports