- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
The PSA Weekly Research Round-Up for the week to 28 Apr 2023
Weekly Comment SummaryKoei Tecmo’s ¥4.1bil loss on Credit Suisse AT1 bonds suggests it may be time for the video game company to part ways with its investments and focus on making video games. Pelham Smithers discusses.
PSA Company Visits, Tours and Interviews
Conference Calls with: Email Q&A with Money Forward (3994 JT)
Presentations at: Shin-Etsu Chemical (4063 JT), JSR (4185 JT), TDK (6762 JT), Nitto Denko (6988 JT), Zeon Corp (4205 JT), Sumitomo Pharma (4506 JT), Sekisui Chemical (4024 JT), ZOZO (3092 JT), CyberAgent (4751 JT)
Attended: Machine Learning for Economists and Policymakers: Prediction, Classification and Causal Effects, 19~21 Apr, Sidney Sussex College, Cambridge University
PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Toyota Motor (7203 JT) FY22 Results and FY23 Outlook Preview – Focus Back on Earnings Recovery
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. March Global Console Sales +45% YoY
2. Koei Tecmo (3635 JT) FY22 Q4 OP +118% YoY / FY23 CE OP -4% YoY
3. Sony (6758 JT) to Release 23 Movies in 2023 / FY23 Outlook OPe -3% YoY
4. Sega Sammy (6460 JT): Smart Pachislot Hokuto no Ken Sales Already at 40,000
5. Alps Alpine (6770 JT) Forecasts Another Fall in OP in FY23
6. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
7. Nidec (6594 JT) Set the Scene for a FY23 V-Shaped Recovery
8. Mitsubishi Electric (6503 JT) Edges up to 22-Month High on More Revamping
9. Koa FY22 Q4 OP +37% YoY / FY23 OPe -35% YoY
10. Advantest (6857 JT) Forecasts -37% YoY Drop in FY23 OP
11. Canon’s (7751 JT) FY23 Q1 OP +11% YoY
12. Omron (6645 JT) FY22 Q4 OP +24% YoY / New President
13. Nitto Denko (6988 JT): FY23 Flat Guidance Albeit Above Consensus
14. Hitachi (6501 JT) FY22 OP +1% YoY; Lumada Contributions Rising
15. Shinko Electric FY22 Q4 OP -71% YoY / FY23 OP3 -54% YoY
16. Renesas (6723 JT) FY23 Q1 OP +24% YoY / Encouraging FY23 Forecasts
17. Murata (6981 JT) FY22 Q4 OP -71% YoY / Further Falls Expected in FY23
18. NEC (6701 JT) FY22 Q4 OP +33% YoY / Eyes Sharp Recovery in 5G Network Services for FY23
19. Lasertec (6920 JT) With Q3 OP +137% YoY – On Target to Beat FY
20. TDK (6762 JT) Strengthens its Focus on Automotive Sales / FY22 Results
21. Fujifilm (4901 JT) Leverages AI in Medical Diagnostics
22. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials / Commodities / Diagnostics
23. Zeon (4205 JT) Weak FY23 Guidance / New CEO
24. JSR (4185 JT Sees a FY23 Recovery, but Below Consensus
25. Shin-Etsu (4063 JT) Momentum Slows, but Absolute Earnings Level Still High
26. Clean Lithium Extraction Investments at TDK Ventures
27. Tokuyama’s (4043 JT) FY23 Recovery Includes a Depreciation Change
28. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
29. Hino (7205 JT) Forecasts Low FY23 OP Growth
30. Nissan (7201 JT) Releases New FY22 Guidance Numbers
31. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
32. HCM (6305 JT) FY22 Q4 Preview / Powerful Results Bode Well for FY23
33. Fanuc (6954 JT): Disappointing FY23e, But Robots Remains in High Gear
34. Denso (6902 JT) FY23 Sales & OP Guidance Conservative
35. Komatsu (6301 JT) Beats FY22 OPe But Pricing Weaker than CAT
Internet / eCommerce
36. CyberAgent (4751 JT): FY23 Q2 Preview / Results a Positive Surprise
37. ZOZO’s (3092 JT) FY22 Results and FY23 Guidance Meet Expectations
38. Mercari’s (4385 JT) FY23 OPe Beats Consensus
Enterprise Software / IT Services
39. OBC (4733 JT): FY22 Full-Year Sales and OP Decline
40. Obic (4684 JT): FY22 Full-Year Sales and OP Rise
41. Cybozu’s (4776 JT) Monthly Sales Growth Continues to Slow
42. TIS (3626 JT) FY22 Q4 and Full-Year Preview
43. Weak FY22 Results / FY23 Forecast at NRI (4307 JT) Mitigated by Buyback
Pharma
44. Small Phase 1b T rial BIIB-080 Shows AD Could be Reversed
45. Astellas (4503 JT) FY22 Q4 OP Loss Widens / FY23 OPe Below Consensus 31
46. DSK (4568 JT) FY22 Q4 Technically a Beat
Miscellaneous / Market / Strategy / Macro
47. Japan’s Economy Continues to Motor
48. Tokyo Steel’s (5423 JT) FY22 Results and FY23 Outlook Disappoint
49. Shimano (7309 JT): Seasonally Weak First Quarter Sees FY23 Q1 OP -26% YoY
50. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since December 2022
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.
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