reports
- Julie Boote
PSA Autos: Toyota Industries (6201 JT) More Pressure on Toyota Group a...
Toyota Industries’ buyout proposal met with much resistance among minority shareholders when details were announced in June. Analyst Julie Boote discusses the chances of a more favourable deal being offered, now that activist investor Elliott Management has entered the scene, challenging the Toyota Group over the acquisition price and transparency.
- Pierre FerraguÊ
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
QRVO QORVO INC.
LITE LUMENTUM HOLDINGS INC.
ANET ARISTA NETWORKS INC.
QCOM QUALCOMM INC
POWI POWER INTEGRATIONS INC.
ON ON SEMICONDUCTOR CORPORATION
MKSI MKS INSTRUMENTS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
FTNT FORTINET INC.
COHR COHERENT INC.
CDW CDW CORP.
AOSL ALPHA & OMEGA SEMICONDUCTOR
SWKS SKYWORKS SOLUTIONS INC.
3661 ALCHIP TECHNOLOGIES INC.
6963 ROHM CO. LTD.
6201 TOYOTA INDUSTRIES CORP.
LSCC LATTICE SEMICONDUCTOR CORPORATION
AMD ADVANCED MICRO DEVICES INC.
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
FSLY FASTLY
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
AEVA AIRBNB INC. CLASS A
RIVN AEVA INC
GRAB RIVIAN AUTOMOTIVE INC
688082 GRAB HLDGS LTD
IONQ ONTO INNOVATION INC.
ARM ACM RESEARCH INC(SHANGHAI)
IONQ INC
ARM HOLDINGS PLC
- Julie Boote
PSA Autos / New Mobility: Toyota (7203 JT) Keeps Calm – but Should The...
Toyota Motor is facing another challenging year, as it continues to invest heavily in new technologies, is supporting its suppliers, while having to deal with the uncertainty over the impact of US import tariffs. Its FY25 guidance numbers do not yet fully reflect the potential costs related to these duties, risking an earnings downgrade later this year. Criticism over its handling of the Toyota Industries privatisation is mounting, with questions raised over corporate governance. Analyst Julie B...
7205 HINO MOTORS LTD.
7267 HONDA MOTOR CO. LTD.
9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
7201 NISSAN MOTOR CO. LTD.
7269 SUZUKI MOTOR CORP.
7261 MAZDA MOTOR CORP.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
- Julie Boote
- Julie Boote
- William Nestuk
- Sid Rajeev
- Pelham Smithers
PSA Market Strategy: How Japan Transformed from a Bear Market to a Bul...
In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.
NVDA NVIDIA CORPORATION
LLY ELI LILLY AND COMPANY
FB FACEBOOK INC. CLASS A
9433 KDDI CORPORATION
6954 FANUC CORPORATION
8001 ITOCHU CORPORATION
6752 PANASONIC CORPORATION
6971 KYOCERA CORPORATION
8031 MITSUI & CO. LTD
4183 MITSUI CHEMICALS INC.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
5401 NIPPON STEEL CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
XOM EXXON MOBIL CORPORATION
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
BRK.A BERKSHIRE HATH-A
APPL APPLE INC - APPL - US
9810 NIPPON STEEL TRADING CORP
- William Nestuk
- William Nestuk
PSA Machinery: Daikin (6367 JT) Update – Strong Pricing & Model Mix Of...
PSA: Daikin - China Uncertainty & Volume vs Pricing & Mix ( Will Nestuk report ) Our forecasts remain above consensus. China was weaker than we expected and remains the main risk. We've penciled in a 20% QoQ decline in sales, but note Daikin's strong record in China and think they can offset lower volumes with pricing, mix and cost reductions. The US & EU are ok, and we've incorporated a Y143/$ level in our assumptions. The shares have corrected a bit bringing valuation premium back down to f...
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US. In our April 18, 2023 Int'l Macro Vision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and it appears that this is where things are headed. The break above $93 signals a 1-year inverse head-and-shoulders breakout, a very bullish pattern that provides a “measured move” target of $110.29, or roughly 18% upside. W...
- William Nestuk
PSA Industrial Machinery: Daikin (6367 JT) FY23 Outlook
FY23 Q1 OP is likely to be a record thanks to strong A/C sales in China / Europe, the weak yen and the Chemicals Division also coming through with record high earnings. Consensus sees Daikin beating its FY23 OP guidance by 6~7%. Yet the larger concern is whether Daikin's environmental strategy can solidify its leading global position. Analyst William Nestuk discusses the main issues.
- William Nestuk
PSA Machinery: Daikin (6367 JT) - Outperformance from Q2; FY22 Y411bil...
PSA: Daikin - Outperformance Q2 - FY22 OP Maintained ( Will Nestuk report ) Our Daikin FY22 OP estimate was 14% ahead of consensus and the highest on the street in our 30 June update. N. America drives earnings on the "critical volume" effect we anticipated coupled with a strong China rebound off the Q1 Shanghai lockdown. Please see report for details.
- William Nestuk
DAIKIN INDUSTRIES sees a downgrade to Slightly Negative on account of ...
The independent financial analyst theScreener just lowered the general evaluation of DAIKIN INDUSTRIES (JP), active in the Industrial Machinery industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date January 28, 2022, the closing price was ...
TOYOTA INDUSTRIES with less fundamental stars is reduced to Neutral
TOYOTA INDUSTRIES (JP), a company active in the Auto Parts industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date J...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Market Strategy: The Japan Perspective 2022
Although the Japanese economy, politics and stock market seem to be where they were this time last year, there is a seismic shift going on in the way the Japanese stock market behaves that could make investing in Japan in 2022 quite different to previous years. We look at how and why this shift has taken place and what it means for investing in Japan in the coming year.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
JNJ JOHNSON & JOHNSON
FB FACEBOOK INC. CLASS A
AMAT APPLIED MATERIALS INC.
ADBE ADOBE INC.
PRU PRUDENTIAL FINANCIAL INC.
RAND RANDSTAD NV
6770 ALPS ALPINE CO. LTD.
9437 NTT DOCOMO INC.
9697 CAPCOM CO. LTD.
4922 KOSE CORPORATION
4519 CHUGAI PHARMACEUTICAL CO. LTD.
6367 DAIKIN INDUSTRIES LTD.
7735 SCREEN HOLDINGS CO. LTD
9020 EAST JAPAN RAILWAY COMPANY
7717 V-TECHNOLOGY CO. LTD.
4307 NOMURA RESEARCH INSTITUTE LTD.
4324 DENTSU GROUP INC.
7741 HOYA CORPORATION
6861 KEYENCE CORPORATION
6586 MAKITA CORPORATION
4911 SHISEIDO COMPANY LIMITED
4188 MITSUBISHI CHEMICAL HOLDINGS CORPORATION
8002 MARUBENI CORPORATION
8058 MITSUBISHI CORPORATION
6728 ULVAC INC.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6902 DENSO CORPORATION
6594 NIDEC CORPORATION
7915 NISSHA CO.LTD.
7731 NIKON CORP.
7201 NISSAN MOTOR CO. LTD.
8604 NOMURA HOLDINGS INC.
9984 SOFTBANK GROUP CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
9021 WEST JAPAN RAILWAY COMPANY
2413 M3 INC.
6098 RECRUIT HOLDINGS CO. LTD.
6178 JAPAN POST HOLDINGS CO. LTD.
7270 SUBARU CORP
6506 YASKAWA ELECTRIC CORPORATION
TTD TRADE DESK INC. CLASS A
AMZN AMAZON.COM INC.
GM GENERAL MOTORS COMPANY
AAPL APPLE INC.
40978Z HUAWEI TECHNOLOGIES CO
0530153D ALPHABET HOLDING CO INC
VOW VOLKSWAGEN (VOW GR)
9434 SOFTBANK CORP.
4449 GIFTEE
78320 BANDAI NAMCO
3491 JT BASE CO.
TSE:4477 LTD.
6967 JT GA TECHNOLOGIES
BASE INC
SHINKO ELECTRIC (6967 JT)
- Julie Boote
Japan’s BEV Market – Toyota Finally Drives Home a Strong Response
Japan's and Toyota's electrification efforts seem to develop in parallel: the Japanese government is increasingly committing to the creation of a domestic BEV market, and Toyota significantly raised its BEV sales target for 2030. Accordingly, we expect to see strong growth in Japanese BEV sales and a more prominent position for Toyota among global players.
3407 ASAHI KASEI CORPORATION
6752 PANASONIC CORPORATION
5857 ASAHI HOLDINGS INC.
6971 KYOCERA CORPORATION
7211 MITSUBISHI MOTORS CORPORATION
600409 TANGSHAN SANYOU CHEMICAL INDUSTRIES CO. LTD.
6902 DENSO CORPORATION
6594 NIDEC CORPORATION
5401 NIPPON STEEL CORP.
7201 NISSAN MOTOR CO. LTD.
6963 ROHM CO. LTD.
3402 TORAY INDUSTRIES INC.
7261 MAZDA MOTOR CORP.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
42050 ZEON CORPORATION
VOW VOLKSWAGEN (VOW GR)
- William Nestuk
- William Nestuk
PSA Auto Components: Toyota Industries (6202 JT) - New Earnings Platea...
PSA Auto Components: Toyota Industries (6202 JT) - New Earnings Plateau Toyota Industries is on the cusp of an earnings upswing. Rapid top-line growth (+25% YoY FY21; +7% FY22) to support record Forklift and Automotive OP. Global leader in Forklifts and vehicle A/C compressors remains at low valuations. Please see attached report by Will Nestuk.
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