The PSA Weekly Research Round up for the week to 9 Feb 2024

Weekly Comment Summary
Excitement over Japanese stocks is starting to show in earnings forecasts.
Bottom-up Bloomberg Consensus OP has increased considerably in 2024.
This is great for now, but a warning for later, cautions Pelham Smithers.

PSA Company Visits, Tours and Interviews
• Visited: S-Pool (2471 JT), Japan Elevator Service (6544 JT)
• Conference Calls with: Nissan Motor (7201 JT), Kyoritsu Maintenance (9616 JT)
• Presentations at: Fujifilm Holdings (4901 JT), Asahi Kasei (3407 JT), Mitsui Chemicals (4183 JT), Toray (3402 JT), Teijin (3401 JT), Nissan Chemical (4021 JT), Kaneka (4118 JT), Mitsubishi Chemical Group (4188 JT), Sumitomo Bakelite (4203 JT), Tosoh (4042 JT), JSR (4185 JT), UBE Corp (4208 JT), Mitsubishi Gas Chemical (4182 JT), Nisshinbo Holdings (3105 JT), Kuraray (3405 JT), KH Neochem (4189 JT), Open Up Group (2154 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Sony (6758 JT) – Can the Gaming Business Help Drive Profits?
2. Square Enix (9684 JT) – Corporate Culture Changes
3. Renault (RNO FP) Cancels Ampere IPO – Consequences for Nissan Motor (7201 JT)
4. Nikon (7731 JT) FY23 Q3 Results and Outlook
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-up
2. Square Enix FY23 Q3 OP +15% YoY
3. Nintendo FY23 Q3 -3% YoY; Revision Up
4. Nexon FY23 Q4 OP -59% YoY, Issues Weak Guidance
5. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
6. Tokyo Seimitsu FY23 Q3 OP -60% YoY, Revises Up
7. Taiyo Yuden FY23 Q3 OP -24% YoY, Revises Down
8. Fujifilm Expresses Confidence in FY Guidance
9. Tokyo Electron FY23 Q3 OP +15% YoY
10. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
11. Dexerials: Limit Up on Earnings and Shareholder Returns
12. Asahi Kasei Lowers Full-Year OP Guidance
13. Mitsui Chemicals Revises Down Full Year OP
14. Nissan Chemical Q3 OP Exceeds Internal Guidance
Autos
15. Toyota FY23 Q3 Preview / Results
16. Suzuki FY23 Q3 Earnings Show First Signs of Core Operation Weakness
17. Honda Raises FY23 Guidance
18. Subaru FY23 Q3 Results Beat Consensus Estimates
19. Nissan’s FY23 Q3 Disappoints as Sales Growth Slows / Incentives Rise
20. Mazda Keeps Guidance Unchanged, below Consensus
21. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
22. Daikin: FY23 Q3 OP Misses on Weak Heat Pumps / US Inventories
23. MHI: FY23 Q3 Strong but No Upgrade to Full Year OP
24. Komatsu Boosted by CAT Q4; Fanuc Hurt by Weak Automation
25. Fujikura Upgrades, Mainly on Smartphone FPCs
26. KHI Q3 Preview: Positive, We Expect
27. Daifuku Perks Up
Enterprise Software / IT Services
28. IIJ FY23 Q3 Preview / Results
29. NTT Data Gains Even After FY23 Q3 Narrowly Misses Consensus Estimates
30. BASE Inc FY23 Beats Own Forecasts and Market Expectations
Telecom
31. KDDI, Mitsubishi to take Lawsons Private for ¥10,360/shr
32. SoftBank FY23 Q3 OP ¥588bil up from a -¥320bil Loss in FY22 Q3
Pharma / Healthcare
33. Astellas Pharma FY23 Q3 OP -72% YoY Down
34. Omron FY23 3Q OP -81% YoY, Revises Down
35. Sysmex Reports FY23 Q3 Earnings Below Consensus
36. Other Pharma News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
37. JES FY23 Q3 Preview / Results
38. Kyoritsu Maintenance FY23 Q3 Preview / Results
39. Amvis Holdings: FY24 Q1 Results Ahead of Plan
40. KPIs at Treasure Factory Ahead of Guidance 1
Miscellaneous / Market / Strategy / Macro
41. Dec Wage Data Short of Expectations
42. Other News & Moves That Caught Our Eye

List of PSA Published Reports Since November 2023