reports
- Julie Boote
- Julie Boote
PSA Autos / New Mobility: Auto sector FY24 Q2 Results and Outlook Revi...
As the earning season has concluded, investors are taking stock about the auto sector’s FY24 Q2 results and updated guidance numbers. Analyst Julie Boote reviews the key developments in the industry, and how these could affect automakers’ earnings in the second half of the fiscal year.
- Julie Boote
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly 2024 Q4
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
6754 ANRITSU CORPORATION
7751 CANON INC.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
3107 DAIWABO HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
4902 KONICA MINOLTA INC.
6988 NITTO DENKO CORP.
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
3064 MONOTARO CO. LTD.
5801 FURUKAWA ELECTRIC CO. LTD.
5715 FURUKAWA CO. LTD.
7205 HINO MOTORS LTD.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
7012 KAWASAKI HEAVY INDUSTRIES LTD.
9107 KAWASAKI KISEN KAISHA LTD.
6971 KYOCERA CORPORATION
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
6503 MITSUBISHI ELECTRIC CORP.
5632 MITSUBISHI STEEL MANUFACTURING CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6966 MITSUI HIGH-TEC INC.
6902 DENSO CORPORATION
6701 NEC CORP.
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
4666 PARK24 CO. LTD.
6268 NABTESCO CORPORATION
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
5802 SUMITOMO ELECTRIC INDUSTRIES LTD.
6762 TDK CORPORATION
6976 TAIYO YUDEN CO. LTD.
6315 TOWA CORPORATION
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
8698 MONEX GROUP INC.
3774 INTERNET INITIATIVE JAPAN
3765 GUNGHO ONLINE ENTERTAINMENT INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
3445 RS TECHNOLOGIES CO. LTD.
6269 MODEC INC
3769 GMO PAYMENT
68900 FERROTEC CORPORATION
9519 RENOVA
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
3626 JT TIS INC
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
7071 AMVIS HOLDINGS
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
4443 JT SANSAN (4443 JT)
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
4480 MEDLEY
RRRP3 3R PETROLEUM OLEO E GAS
6532 JT BAYCURRENT CONSULTING (6532 JT)
3697 JT SHIFT INCORPORATED (3697 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
9552 M&A RESEARCH INSTITUTE
123F 123FAHRSCHULE SE
9616 JT KYORITSU MAINTENANCE (9616 JT)
9552 JT M&A RESEARCH INSTITUTE (9552 JT)
6544 JT JAPAN ELEVATOR SERVICES HOLDINGS (6544 JT)
6200 JT INSOURCE (6200 JT)
2154 JT OPEN UP GROUP (2154 JT)
- Pelham Smithers
6146 DISCO CORPORATION
AJIT ABERDEEN JAPAN INVESTMENT TRUST
7735 SCREEN HOLDINGS CO. LTD
9684 SQUARE ENIX HOLDINGS CO. LTD.
4902 KONICA MINOLTA INC.
7752 RICOH COMPANY LTD.
3064 MONOTARO CO. LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7974 NINTENDO CO. LTD.
7201 NISSAN MOTOR CO. LTD.
6758 SONY CORPORATION
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
ADSB ABU DHABI SHIP BUILDING
8086 ADVANCED WIRELESS SEMICONDUCTOR
6632 JVCKENWOOD
3659 NEXON CO. LTD.
78320 BANDAI NAMCO
- Julie Boote
PSA Autos / New Mobility: Nissan and Honda: A Match Made in Heaven?
Rivals Nissan and Honda surprised markets with the announcement of a future collaboration on EVs and software. While it is still early days, the two companies seem keen to take advantage of scale and synergies in the highly competitive EV space. Given the industry’s rapid transition towards new mobility, analyst Julie Boote investigates whether a more comprehensive alliance or a merger could be possible and beneficial.
- Julie Boote
PSA Autos / Mobility: ASEAN Auto Markets in Doldrums
ASEAN has long been considered one of the global auto markets with the best growth prospects, but expectations have not been met. With China in trouble and ASEAN auto sales lacklustre, Japanese automakers need to review their positioning in Asia. Analyst Julie Boote provides a short-term outlook for the ASEAN auto market, and discusses Japanese assemblers’ options within this context.
VIC VINGROUP JSC
4197 SIME DARBY BHD.
002594 BYD COMPANY LIMITED CLASS A
7267 HONDA MOTOR CO. LTD.
7211 MITSUBISHI MOTORS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7269 SUZUKI MOTOR CORP.
7261 MAZDA MOTOR CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
1211 BYD COMPANY LIMITED CLASS H
GM GENERAL MOTORS COMPANY
VOW VOLKSWAGEN (VOW GR)
005380 KS HYUNDAI MOTOR UNTITLED
STLA STELLANTIS N.V.
Z29 029 GROUP SE
VFS VINFAST
- Julie Boote
PSA Autos / New Mobility: Renault Cancels Ampere IPO – Consequences fo...
Renault’s decision to cancel the IPO of its EV unit Ampere might be the right move considering the poor market conditions, but it is also an indication that Ampere’s operational and financial targets could be too ambitious. This raises questions about Nissan’s commitment to invest in Ampere. While Nissan states that its position towards Ampere has not changed, analyst Julie Boote questions whether this is true, or, indeed, wise.
- Julie Boote
PSA Autos, New Mobility: EV Markets in Trouble – Have the Japanese Bee...
While Japan’s automakers have upped their game in the EV space, they remain laggards on the global stage. With the EV markets now in trouble, analyst Julie Boote assesses whether or not the Japanese assemblers have been vindicated in their more cautious approach to electrification.
FCAUN FORD MOTOR COMPANY
F ABCO ELECTRONICS CO. LTD.
036010 BYD COMPANY LIMITED CLASS A
002594 HONDA MOTOR CO. LTD.
7267 MITSUBISHI MOTORS CORPORATION
7211 NIDEC CORPORATION
6594 NISSAN MOTOR CO. LTD.
7201 SUZUKI MOTOR CORP.
7269 MAZDA MOTOR CORP.
7261 TOYOTA MOTOR CORP.
7203 SUBARU CORP
7270 ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
ASLI HYUNDAI MOTOR CO
5380 GENERAL MOTORS COMPANY
GM VOLKSWAGEN (VOW GR)
VOW MERCEDES-BENZ AG
0953660D STELLANTIS N.V.
REP 2CRSI SA
- Julie Boote
PSA Global Autos / Mobility: Building the Perfect EV Platforms – A Pro...
As electric vehicles are set to replace combustion engine cars over time, established automakers need to prove they can remain competitive in this new market. In this context, much attention has been given to battery technology, but the creation of an optimal EV auto platform is just as important. Here, the jury is still out, as we are in the early development days. Analyst Julie Boote discusses how the prefect EV platform should look like and where automakers are currently positioned.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
GOOGL ALPHABET INC. CLASS A
005380 HYUNDAI MOTOR COMPANY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
000270 KIA MOTORS CORPORATION
7267 HONDA MOTOR CO. LTD.
060310 3S KOREA
6723 RENESAS ELECTRONICS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7269 SUZUKI MOTOR CORP.
7203 TOYOTA MOTOR CORP.
TATAMOTORS TATA MOTORS LIMITED
APTV APTIV PLC
5380 HYUNDAI MOTOR CO
BNP BMW
VOW VOLKSWAGEN (VOW GR)
STLA STELLANTIS N.V.
RIVN RIVIAN AUTOMOTIVE INC
- Julie Boote
PSA Autos / Mobility: Overview of Japanese Autos FY23 Q1 Results and O...
This has been an impressive earning season for Japanese automakers, with FY23 Q1 net sales and OP of the seven listed companies all surging by double-digit rates. Analyst Julie Boote takes us through the factors behind the performance and highlights the positives and negatives to consider going forward.
- Julie Boote
PSA Autos / New Mobility: Where Are Japan’s Auto Companies Headed?
It has been a mixed earning season for Japanese automakers, although most are predicting strong profit growth for FY23. Despite the positive outlook, the market’s reaction has been lukewarm, due to concerns over overoptimism for sales growth and rapidly rising expenses. Analyst Julie Boote explores what the most important share price drivers could be for the seven listed automakers for FY23.
- Julie Boote
- Pelham Smithers
PSA Market Strategy: Japan Perspective for 2023
At the beginning of every year we publish our PSA Perspective, a report intended as a long shelf-life look at the year ahead. This year Pelham Smithers discusses Japan's economy, the outlook for the stock market, and some stand-out themes and developments for the year. These include the digital yen and the demise of live action entertainment in Japan. We also update our noted PSA Focus List of stocks. Table of Contents Overview 3 Background: 4 Japan’s Economic Outlook 5 Ja...
005930 SAMSUNG ELECTRONICS CO. LTD.
V VISA INC. CLASS A
ATVI ACTIVISION BLIZZARD INC.
LLOY LLOYDS BANKING GROUP PLC
9020 EAST JAPAN RAILWAY COMPANY
9684 SQUARE ENIX HOLDINGS CO. LTD.
9983 FAST RETAILING CO. LTD.
6861 KEYENCE CORPORATION
8411 MIZUHO FINANCIAL GROUP INC.
3349 COSMOS PHARMACEUTICAL CORPORATION
4188 MITSUBISHI CHEMICAL HOLDINGS CORPORATION
9468 KADOKAWA CORPORATION
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
6301 KOMATSU LTD.
8058 MITSUBISHI CORPORATION
7011 MITSUBISHI HEAVY INDUSTRIES LTD.
7211 MITSUBISHI MOTORS CORPORATION
6981 MURATA MANUFACTURING CO. LTD.
6902 DENSO CORPORATION
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
9984 SOFTBANK GROUP CORP.
6758 SONY CORPORATION
4005 SUMITOMO CHEMICAL CO. LTD.
8053 SUMITOMO CORPORATION
6762 TDK CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
7203 TOYOTA MOTOR CORP.
9021 WEST JAPAN RAILWAY COMPANY
2413 M3 INC.
7270 SUBARU CORP
6506 YASKAWA ELECTRIC CORPORATION
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
9434 SOFTBANK CORP.
78320 BANDAI NAMCO
36350 KOEI TECMO
9988 ALIBABA (9988 HK)
3394 JT MONEY FOWARD
4051 JT GMO FINANCIAL GATE (4051 JT)
TSE:4477 BASE INC
4259 JT EXAWIZARDS INC
- Julie Boote
PSA Autos: The Global Electric Vehicle Market 2023
The transition to electrification remains the key focus for the auto industry, with EV sales performances by market and automaker being closely watched by investors. In 2022, China solidified its position as the global EV stronghold, a success that is encouraging its automakers to expand globally. Despite supply disruptions and concerns over falling subsidies and rising prices, the outlook for the EV market remains positive. In this in-depth report, analyst Julie Boote reviews major developments...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
SIX2 SIXT SE
051910 LG CHEM LTD.
000270 KIA MOTORS CORPORATION
096770 SK INNOVATION CO. LTD
7267 HONDA MOTOR CO. LTD.
000660 SK HYNIX INC
7211 MITSUBISHI MOTORS CORPORATION
7201 NISSAN MOTOR CO. LTD.
7203 TOYOTA MOTOR CORP.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
7270 SUBARU CORP
5380 HYUNDAI MOTOR CO
AMZN AMAZON.COM INC.
BNP BMW
VOW VOLKSWAGEN (VOW GR)
0953660D MERCEDES-BENZ AG
REP RENAULT SA
XPEV XPENG INC. ADR SPONSORED CLASS A
NIO NIO INC
- Julie Boote
- Julie Boote
- Julie Boote
- Julie Boote
PSA Autos: Renault’s (RNO FP) EV Spin-off Plans – Consequences for Nis...
As Renault is considering the spin-off of its EV business to generate much-needed funds, the alliance’s combined electrification strategy is at risk. Analyst Julie Boote outlines Renault’s plans and possibilities and investigates the potential consequences for alliance partner Nissan.
- Pelham Smithers
PSA Strategy: Japan Market Strategy for FY22 Q2
The Japanese stock market is in an interesting phase where the Bank of Japan is supporting the bond market rather than the stock market. While this phase lasts, the dollar should remain above ¥120/$ and perhaps strengthen further against the yen. This report looks at what this phase might mean for the Japanese stock market as a whole, and for stock selection. The PSA Focus List has also been updated.
6770 ALPS ALPINE CO. LTD.
3407 ASAHI KASEI CORPORATION
4751 CYBERAGENT INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
4307 NOMURA RESEARCH INSTITUTE LTD.
4324 DENTSU GROUP INC.
6728 ULVAC INC.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
6902 DENSO CORPORATION
7915 NISSHA CO.LTD.
7201 NISSAN MOTOR CO. LTD.
6268 NABTESCO CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
6762 TDK CORPORATION
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
7261 MAZDA MOTOR CORP.
7203 TOYOTA MOTOR CORP.
3436 SUMCO CORPORATION
3659 NEXON CO. LTD.
6098 RECRUIT HOLDINGS CO. LTD.
7270 SUBARU CORP
4503 ASTELLAS PHARMA INC.
6506 YASKAWA ELECTRIC CORPORATION
4980 DEXERIALS
68900 FERROTEC CORPORATION
41850 JSR CORPORATION
4385 MERCARI INC.
78320 BANDAI NAMCO
TSE:4477 BASE CO.
3491 JT LTD.
4478 JT GA TECHNOLOGIES
3394 JT FREEE KK
6967 JT MONEY FOWARD
7383 SHINKO ELECTRIC (6967 JT)
4259 JT NET PROTECTIONS HLDGS INC
TSE: 2980 EXAWIZARDS INC
SRE HOLDINGS CORP
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