The PSA Weekly Research Round up for the week to Thursday, 2 November 2023 ahead of the Japan Market Holiday on 3 November

Weekly Comment Summary
Pelham Smithers explains why he thinks Japan’s monetary base is worth watching again.

PSA Company Visits, Tours and Interviews
• Conference Call with: Nidec (6594 JT)
• Presentations at: ZOZO (3092 JT) TIS (3626 JT), Mitsubishi Chemical Group (4188 JT), TDK (6762 JT), Hoya Corp (7741 JT), Dexerials (4980 JT), Sumitomo Chemical (4005 JT), Nippon Sanso Holdings (4091 JT), Sekisui Chemical (4204 JT), Maxell (6810 JT), KH Neochem (4189 JT), Tosoh (4042 JT), Denso (6902 JT), Aisin (7259 JT), HCM (6305 JT), Fanuc (6954 JT), MinebeaMitsumi (6479 JT), Nabtesco (6268 JT), Mitsubishi Electric (6503 JT)

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Global Autos: The New World of Gigacasting
2. Mario Resolves Nintendo’s (7974 JT) Problem Year
3. NTT Data (9613 JT) and Daiei Open Japan’s First Fully Commercialised Unstaffed Store

Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Panasonic (6752 JT) FY23 Q2 OP +23% YoY, Lowers FY23 OP Guidance
2. Other Consumer Elec / Gaming News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
3. NEC (6701 JT) FY23 Q2 OP +24% YoY Below Consensus
4. Advantest (6857 JT) FY23 2Q OP -51% YoY, Cuts OP Forecast
5. Murata (6981 JT) FY23 Q2 OP Better than Expected, Revises Up FY Target
6. Socionext (6526 JT) FY23 Q2 OP +76% YoY, Ups FY23 OP Target
7. Hoya (7741 JT) Guides for Steady but Slow IT Recovery
8. Rohm (6963 JT) FY23 Q2 OP -56% YoY, Slashes FY23 OP Target
9. TDK (6762 JT) Leaves Full-Year Guidance Unchanged
10. Mitsubishi Electric (6503 JT): Strong A/C & Infrastructure Recovery
11. Other Tech-Related News & Moves That Caught Our Eye
Chemicals / Materials
12. Sekisui Chemical (4204 JT) Maintains FY23 OP Guidance, Hikes DPS
13. Sumitomo Chemical (4005 JT) Forecasts Full-Year Loss
14. Nippon Sanso (4901 JT) Revises up on Strong Pricing
15. Mitsubishi Chemical (4188 JT) Shares Rise on Higher NP Outlook
16. Positive Response to Dexerials (4980 JT) Earnings
17. UBE Corp (4208 JT) Revises Down on Weak Nylon Markets
18. KH Neochem (4189 JT) Details Supply Chain Troubles
19. Other Chemical / Material-Related News & Moves That Caught Our Eye
Autos
20. Mitsubishi Motors (7211 JT) Raises Guidance Numbers on Currency
21. Toyota (7203 JT) Boosts Full-Year Guidance
22. Subaru (7270 JT) Raises FY23 Target on Currency
23. Other Auto-Related News & Moves That Caught Our Eye
Auto Parts / Machinery
24. Denso: Big Improvement in H2
25. Aisin (7529 JT): Cost Reduction and Recovery in H2
26. Market Reaction to Komatsu’s (6301 JT) Results – Readacross to HCM (6305 JT)
27. Feedback from Call with HCM’s (6305 JT) CEO – Mining Very Strong
28. Fanuc (6954 JT): No Near-Term Positives
29. Nabtesco (6268 JT): No Robot Gear Recovery for Now
Internet / eCommerce
30. ZOZO’s (3092 JT) FY23 Q2 OP Falls Short
31. CyberAgent’s FY24 Guidance Misses
32. Gree’s FY24 Q1 OP Falls -22.6% YoY
Enterprise Software / IT Services
33. TIS Inc: FY23 Q2 Preview / Results
34. SRE Holdings (2980 JT) Disappointing Q2 No Change to FY23 Guidance
35. IIJ (3774 JT): FY23 Q2 Preview
36. Other ERP Software / IT Services News & Moves That Caught Our Eye
Pharma
37. Drug Company Earnings Releases:
Telecoms
38. KDDI (9433 JT) FY23 Q2 OP +12% YoY Ahead of Consensus
Miscellaneous / Market / Strategy / Macro
39. Upcoming Economic Data Points / Releases
40. Did the BoJ Increase or Decrease Policy Error Risk?
41. Other News & Moves That Caught Our Eye
List of PSA Published Reports Since July 2023