The PSA Weekly Research Round up for the week to 26 April 2024

Weekly Comment Summary
After two weeks of seasonal-related buying at the start of April, foreign investors turned net sellers in the third week. Has foreign investor enthusiasm for Japanese shares come to an end? And is the yen to blame? Pelham Smithers investigates.

PSA Company Visits, Tours and Interviews
• Visited: CUC (9158 JT)
• Conference Call with: Insource (6200 JT)
• Presentations at: CUC (9158 JT), Shin-Etsu Chemical (4063 JT), TDK (6762 JT), Asahi Kasei (3407 JT), Nitto Denko (6988 JT), Sekisui Chemical (4204 JT), HCM (6305 JT), Komatsu (6301 JT), Denso (6902 JT), Aisin (7259 JT)

PSA in the Press
Pelham Smithers provides insight into the growth of the video game industry for this Telegraph article. The real Fallout: my strange journey into the doomsday bunkers of the super-rich (telegraph.co.uk)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Shin-Etsu Chemical (4063 JT) Earnings Preview – Expect Growth to Resume in FY24 After Difficult FY23
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Industry Round-up
2. Sony To Buy Paramount with Apollo?
3. CyberAgent’s FY24 Q2 OP Ahead of Expectations
Technology: Industrial Electronics / Components / Semis & SPE / Precision
4. Canon’s FY24 Q1 OP Misses On Weak Camera Market
5. Nidec Forecasts FY24 Earnings Boost but Misses Consensus Estimates
6. Keyence FY23 Q4 OP +4%
7. Fujitsu to Buy Back 8% of Shares
8. Mixed Guidance from Japan’s AI-Plays
9. Murata Barely Breaks Even in Q4 Disappointment
10. TDK’s FY24 Outlook Trails Consensus
11. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
12. Market Unenthused by Project News for Asahi Kasei and Toray
13. Sekisui Chemical to Work on Housing Profitability
14. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
15. Nissan Shares Fall on Guidance Downgrade
16. Hino Reports FY23 Q4 Earnings
17. Other Auto News & Moves That Caught Our Eye
Capital Goods: Auto Parts / Machinery
18. Automation Perks Up With Fanuc
19. Yaskawa To Speed Up Development of SPE Robots
20. Fanuc Guidance Cautious
21. HCM Slight Disappointment
22. Komatsu Preview / Results: Positive
23. Denso: Strong Guidance Despite Big FY23 OP Miss
24. Other Capital Goods News & Moves That Caught Our Eye
Enterprise Software / IT Services
25. NRI’s FY23 Q4 / Full Year Miss Market Expectations
26. Enechange: An Update and Correction to 5 April Daily Entry
Healthcare / Medical Equipment / Pharma
27. Omron Acquires Luscii Healthtech
28. Other Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
29. Insource FY24 Q2 Preview / Results
30. CUC’s FY24 CE Below Consensus
Miscellaneous / Market / Strategy / Macro
31. Foreign Investors Net Sellers
32. Japan Composite PMI at Highest Since August
33. Services PPI Remains Above 2% YoY
34. Department Store Sales +10% YoY
35. Tokyo CPI Slumps in April
36. Shimano Misses but Revises Up
37. Monex FY23 Q4 PTP ¥17bil vs ¥1.5bil a Year Earlier
38. Other News & Moves That Caught Our Eye
List of Recently Published PSA Reports